BRYANT  AND  STRATTON’S 


COMMON  SCHOOL 

BOOK-KEEPING; 

EMBRACING 

SINGLE  AND  DOUBLE  ENTRY. 

CONTAINING 

SIXTEEN  COMPLETE  SETS  OF  BOOKS. 

WITH 

AMPLE  EXERCISES  AND  ILLUSTRATIONS. 

FOR  PRIMARY  SCHOOLS  AND  ACADEMIES. 


B  Y 

H.  B.  BRYANT,  AND  H.  D.  STRATTON, 

PROPRIETORS  OF  “THE  NATIONAL  CHAIN  OF  MERCANTILE  COLLEGES,”  LOCATED  IN  NEW  YORK, 
PHILADELPHIA,  ALBANY,  BUFFALO,  CLEVELAND,  DETROIT,  CHICAGO,  AND  ST.  LOUIS. 

AND 

S.  S.  PACKARD, 

RESIDENT  PRINCIPAL  OF  THE  NEW  YORK  CITY  MERCANTILE  COLLEGE. 


NEW  YORK : 

XVISON,  PHINNEY,  BLAKEMAN  &  CO.,  47  &  49  GREENE  ST. 

CHICAGO:  a  C.  GRIGGS  <fc  CO.,  39  &  41  LAKE  ST. 


1  8  6  7. 


Entered,  according  to  Act  of  Congress,  in  the  year  1861,  by 
BRYANT,  STRATTON  &  PACKARD, 

In  the  Clerk’s  Office  of  the  District  Court  of  the  United  States  for  the  Southern  District  of 

New  York. 


ELECTROTYPED  BY 

Smith  &  McDottgal, 
82  &  84  Beekmanat. 


g g 46' 


PREFACE. 


That  there  is  a  demand  for  a  primary  work  on  Book-keeping,  which,  while  it 
is  specially  adapted  to  the  comprehension  and  wants  of  a  younger  class  of 
students  at  our  public  and  private  schools,  shall  seek  to  enforce,  in  a  philosophical 
manner,  the  abstract  theories  of  the  science,  is  assumed  by  the  authors  of  this 
treatise,  not  solely  as  the  basis  of  an  apology  for  producing  a  new  book,  but  as  the 
result  of  careful  inquiry  among  teachers  and  educationalists,  not  less  than  a  faithful 
survey  of  the  field  of  literature  compassing  this  end. 

Experience  has  often  proven  that  less  tact  and  labor  are  necessary  in  discovering 
,a  want  than  in  supplying  it,  and  the  present  effort  whether  or  not  the  public  may 
pronounce  it  successful,  is  made  in  full  view  of  this  fact.  To  state  an  abstract 
proposition,  which  the  unerring  testimony  of  figures  will  render  impregnable  is  no 
difficult  matter ;  but  to  give  vital  force  to  such  a  statement  in  clear  and  satisfactory 
analyses,  whose  sequences  shall  take  a  practical  hold  of  minds  not  schooled  in  the 
processes  of  reasoning,  is  an  undertaking  which  may  well  cause  the  conscientious 
author  to  pause  upon  the  threshold  of  his  well-meant  endeavor.  There  are  minds 
so  constituted  as  to  be  able  to  grasp  intuitively,  and  with  unerring  certainty,  the 
grander  truths  of  a  mathematical  problem,  discarding  alike  the  minor  points  of 
reasoning  and  illustration,  and  the  pretentious  “  rules  ”  which,  though  too  often 
but  diluted  axioms,  are  kindly  intended  to  aid  the  faltering  steps  of  the  less  self- 
reliant  ;  but  these  are  the  exceptions  and  not  the  rule ;  and  hence,  experience  in 
teaching  has  shown  us  that  in  the  majority  of  cases,  the  bare  statement  of  a  princi¬ 
ple,  however  fundamental  and  vital,  cannot  be  alone  relied  upon  for  the  thorough 
work  of  instruction.  The  labor  of  a  teacher  is  necessarily  one  of  endless  variety 
and  repetition.  “Line  upon  line,  and  precept  upon  precept”  is  the  motto  of  h*3 
profession  and  the  signet  of  his  success.  While  it  is  not  the  privilege  of  an  author 
to  know,  by  actual  contact,  the  individual  wants  of  those  whom  he  aims  to  instruct, 
he  must,  nevertheless  be  possessed  of  a  general  knowledge  of  these  wants,  and 
address  himself  conscientiously  to  the  task  of  supplying  them. 

The  authors  of  this  treatise  claim  for  it  the  distinctive  merit  of  thoroughness, 
both  in  the  statement  and  elucidation  of  principles.  In  its  preparation,  two  points 
were  assumed :  first,  that  the  class  of  students  who  would  gather  instruction  from 
its  pages  were  already  learned  in  the  idioms  of  their  own  language,  no  less  than  in 

3 


PREFACE. 


tlio  fundamental  rules  of  Arithmetic;  and  second,  that  the  teachers  who  would 
adopt  it  as  a  text  book,  would  make  themselves  familiar  with  the  general  scope  of 
its  teachings,  no  less  than  the  details  by  which  its  prime  theories  are  enforced.  In 
order  that  a  text  book  should  accomplish  any  certain  result,  there  should  exist  a 
perfect  understanding  between  the  author  and  the  teacher,  .each  of  which  has  his 
own  peculiar  sphere  of  labor  into  which  the  other  cannot  enter.  The  author  deals 
in  general  principles  and  their  most  palpable  applications,  without  being  able  to 
anticipate  the  particular  and  varied  wants  of  the  student,  or  to  supply  those  wants, 
even  if  he  knew  them.  The  teacher  on  the  other  hand,  is  the  living  exponent  of 
the  dead  letters  and  forms  which,  to  unpractised  eyes  are  surrounded  with  a  mazy 
mystery  which  can  be  dispelled  only  by  the  human  voice.  His  is  the  sacred  office 
of  an  interpreter,  the  duties  of  which  demand  of  him  not  only  a  thorough  apprecia¬ 
tion  of  the  thought  interpreted,  but  an  intimate  knowledge  of  the  bearing  and 
capacity  of  the  mind  to  which  he  discloses  the  hidden  lore. 

In  the  multiplicity  of  exercises  given,  the  teacher  will  find  material  for  an  almost 
indefinite  variety  of  illustrations,  and  it  should  be  his  special  care  that  the  student 
be  not  permitted  to  pass  from  one  set  to  another  without  fully  mastering  the 
subject,  both  in  its  general  and  special  application. 

The  sets  are  short  and  definite  in  their  purpose,  the  object  being  to  keep  con^ 
stantly  ill  view  the  result  of  the  student’s  labor  *  for,  while  it  is  true  that  in  no  way 
can  the  science  of  Accounts  be  so  quickly  and  thoroughly  enforced  as  in  showing 
at  once  the  result  of  each  separate  transaction,  as  regards  both  the  persons  and 
causes  affected,  it  is  no  less  so  that  the  fundamental  theory  of  the  science  can  best 
be  made  apparent  by  frequently  exhibiting  the  general  result  of  all  the  transactions. 

The  prominence  which  is  given  to  Single  Entry  will,  we  trust,  satisfy  the  public 
that  we  are  not  prepared  to  enter  into  the  popular  cry  of  authors  and  teachers  that 
no  system  of  Accounts  is  worthy  of  thought  that  does  not  fully  carry  out  the  test 
of  equal  debits  and  credits ;  for  while  we  are  free  to  express  our  decided  preference 
for  Double  Entry,  we  cannot,  either  in  justice  to  our  own  convictions,  or  the  pre¬ 
judices  of  the  public,  ignore  the  points  of  excellence,  or  fail  to  suggest  such 
improvements  as  are  deemed  important  to  a  system  which  will  be  used,  to  a  greater 
or  less  extent,  to  the  end  of  time. 

In  short,  it  has  been  the  earnest  aim  of  the  authors  to  produce  a  book  which, 
though  its  external  appearance  would  not  disgrace  the  shelves  of  the  Bookseller, 
its  internal  merits  will  not  permit  it  to  remain  there.  It  is  a  book  designed  for  > 
use ,  and  as  such  is  respectfully  submitted. 

BRYANT,  STRATTON  &  PACKARD. 

18  Coopee  Institute,  New  Yoek, 

July  1, 1S61. 


4 


CONTENTS 


PART  I.  — SINGLE  ENTRY. 

PAGES. 

Abbreviations  and  Characters, .  7 

Plan  of  the  Work, . ^  8 

Introduction  to  Part  I . .  11 — 17 

Questions  for  Review, . 18 

Set  I. — Initiatory — Showing  the  use  of  the  Boohs . 

Remarks  . .  20 

Day  Book . .  21,  22 

Ledger . .  23 — 25 

Exercises  for  the  Learner  and  Questions  for  Review  .  .  26 

Set  II. — Retail  Merchandise.  (Prosperous.) 

Remarks . .-  28 

Day  Book .  29 — 35 

Index  to  Ledger .  36 

Ledger .  37 — 40 

Cash  Books  . 41 — 44 

Statement .  .  *  .  45 

Examples  for  Practice  .  46 

Exercises  for  the  Learner  (Second  Series.)  ...  47,  48 

Questions  for  Review  .  48 

Set  III. —  Wholesale  Dry  Goods.  (Adverse.) 

Remarks . *...  50 

Day  Book  ^ . 51 — 54 

Index  to  Ledger  .  .  55 

Ledger  .  . 56 — 59 

Sales  Book .  60 — 63 

Cash  Book  • . 64,  65 

Bill  Book  . 66 

Statement .  67 

Examples  for  Practice .  68 

Exercises  for  the  Learner  (Third  Series.)  .  .  .  .  69,  70 

Set  IV. —  Cabinet  Ware  and  Furniture.  (Prosperous.) 

Remarks .  72,  73 

Day  Book . 74 — 77 

Sales  Book .  78 — 83 

Ledger . .  .  .  .  84 — 87 

Cash  Book .  88,  89 

Time  Book  90 

Statement  .  91 

Examples  for  Practice .  92 

Exercises  for  the  Learner  (Fourth  Series.)  .  .  .  93 — 95 

Questions  for  Review .  96 


5 


. 

CONTENTS. 

PART  II.— DOUBLE  ENTRY. 

PAGES. 

Introduction  to  Part  II . 99 _ 102 

The  Science  of  Accounts. 

Theory  of  the  Ledger . .  .  103,  104 

Debits  and  Credits  105 

Principles .  106 

Questions  for  Review .  10 1 

Set  I. — Produce  Business.  {Initiatory.) 

Remarks .  110 

Day  Book . Ill,  112 

Journal . 113 — 115 

Ledger . 116—118 

General  Statement . .  .  119 — 121 

Examples  for  Practice . 122,  123 

Exercises  for  the  Learner.  (First  Series.)  ....  124,  125 

Set  II. — Grocery  Business..  {Prosperous.) 

Remarks . 128 

Day  Book . 129 — 132 

Journal . 133 — 135 

Ledger . 136—140 

Balance  Sheet  .........  141 

Closing  the  Ledger . 142 — 147 

Description  of  Balance  Sheet . 147,  148 

Examples  for  Practice  .  149 

Exercises  for  the  Learner.  (Second  Series.)  .  .  .  150,  151 

Questions  for  Review  152 

Set  III. —  Wholesale  Dry  Goods.  {Adverse.) 

Remarks .  154 

Journal  Day  Book . 155 — 161 

Ledger  .  162 — 167 

Statement . 168,  169 

Examples  for  Practice  #nd  Questions  for  Review  .  .  170 

Set  IY. —  Gentlemen's  Furnishing  Business.  {Prosperous.) 

Remarks .  172 

Journal . *  .  173 

Cash  Book  .  .  .  . . 174,  175 

Sales  Book . .  .  176,  177 

Ledger  . . 178—181 

Exercises  for  the  Learner.  (Fourth  Series.)  ..  .  181,  182 

Practical  Hints. 

Order  and  Neatnes3 . 183,  184 

Proficiency  in  Mathematics . 184,  185 

To  detect  Errors  in  Trial  Balance . 185 — 187 

Resources  and  Liabilities . 187,  188 

Exchange . ’  .  188 — 192 

Questions  for  Review . .  .  192 


6 


ABBREVIATIONS  AND  CHARACTERS 


USED  IN  THIS  WORK. 


ABBREVIATIONS. 


A 


Ac't.  . . . 

, .  Account. 

Am't. . , 

,  .Amount. 

Ans. . . . 

,  .Answer. 

Apr. . . . 
Ass't'd. . 

,  .April. 

.  Assorted. 

Aug. . . . 

.  .August. 

B 

Bat. . . . 

, .  Balance. 

B.B.... 

,  .Bill  Book. 

Bbls. . . . 

.Barrels. 

B.  Pay. 

.Bills  Payable. 

B.  Bee.. 

.Bills  Receivable. 

Blk. . . . 

.  Black. 

Bo't.  .. . 

,  .Bought. 

BroH. . . 

,  .Brought. 

B.  W..  . 

.Black  Walnut. 

c 

Cap.  .  . . 

.  Capital. 

C.B ... 

.Cash  Book. 

Co,.... 

, .  Company. 

Com _ 

.Commission. 

Const. . . 

.  Consignment. 

Or. . . . . 

. .  Creditor. 

D 

Dec . . . . 

.December. 

D/tr... 

.Draft. 

do . 

.The  same. 

doz . 

.Dozen. 

Dr . 

.Debtor. 

d's . 

. .  Days. 

@ . .  At. 

%  ..Account. 
y0.  .Per  Cent. 
$  .  .Dollars. 

<?. .  .Cents. 


E 


ea . 

,  .Each. 

KE... 

,  .Errors Excepted. 

Emb'd. , 

,  .Embroidered. 

Ex . 

, .  Example. 

Exch. . . 

.  Exchange. 

Exp . . . 

..Expenses. 

F 

Fav.  . . . 

. .  Favor. 

Feb..., 

, .  February. 

Fig'd. . 

..Figured. 

Fol. . . . 

. .  Folio. 

FoAd. . 

. .  Forward. 

Fr't. . . , 

. .  Freight. 

G 

Gal. . . , 

. .  Gallon. 

H 

Hhd.... 

,  .Hogshead. 

IB... 

1 

..Invoice  Book. 

Ins. . . . 

.  Insurance. 

Inst.  .  .  , 

.  .Instant. 

Int .... 

. .  Interest. 

Inv .  .  .  . 

.  Invoice. 

Inv't . . , 

,  .Inventory. 

J 

Jan .  . . , 

.  .January. 

L 

lbs _ 

,  .Pounds. 

L.F.... 

.  .Ledger  Folio. 

HARACTER 

£ . .  Pound  Sterling. 
s . . .  Shilling. 

[/ .  .Check  Mark. 

4- . .  Sign  of  Addition. 

— . .  Sign  of  Subtraction. 

7 


M 

Mar. . . , 

..March. 

Mdse. . . 

.Merchandise. 

Mo . 

.Month. 

Mgy. . . . 

.Mahogany. 

N 

Fo . 

.Number. 

Nov . . . . 

.November. 

O 

Oct. . . . 

.  October. 

0.  I.  B. 

.Outward  Invoice 

*  Book. 

P 

P . 

.  Page. 

PayH. . . 

.  Payment. 

P.  C.  B. 

.  Petty  Cash  Book 

Pd . 

.  Paid. 

Pkg.... 

.Package. 

Pr . 

,  .Pair. 

pr.,  per. 
Prem. . . 

•  By. 

.  Premium. 

Ft 

Bee1  d. . . 

.  Received. 

B.  W... 

.  Rosewood. 

S 

S.B.... 

.Sales  Book. 

Sept. . . . 

.September. 

Ship't. . 

.Shipment. 

Sunds. . 

.  Sundries. 

Y 

Yds .... 

.Yards. 

Yr . 

.Year. 

X .  .Sign  of  Multiplication. 
=  .  .Sign  of  Equality. 

I1.  .One  and  one  fourth. 

V .  .One  and  one  half. 

P.  .One  and  three  fourths. 


PLAN  OF  THE  WORK. 


The  course  of  instruction  is  synthetical,  commencing  at  the  foun¬ 
dation  and  working  upward,  making  each  principle  and  illustration 
the  opening  wedge  to  higher  developments  of  reason  and  applica¬ 
tion,  and  enforcing  at  every  stage,  the  practical  hearings  of  the 
required  labor. 

The  Book  is  divided  into  two  parts,  Part  I  being  devoted  to 
Single  Entry,  and  Part  II  to  Double  Entry.  Each  part  comprises 
eight  distinct  Sets  of  Books,  four  of  which  are  written  out  in  full, 
and  four  given  in  the  form  of  memoranda  for  the  student  to 
arrange  after  the  models  given.  The  first  Set  in  Part  I  is  intended 
solely  to  show  the  use  of  the  principal  books,  Day  Book  and  Ledger. 
Set  II  begins  to  deal  in  results.  Set  III  commences  with  a  capital, 
representing  a  General  Merchandise  business,  shows  the  use  of  the 
necessary  auxiliary  books,  and  enforces  the  theory  of  loss  and  gain 
by  comparing  the  capital  at  commencing  with  that  at  closing.  Set 
IV  represents  a  Furniture  business,  introducing  the  necessary  prin¬ 
cipal  and  auxiliary  books.  The  peculiar  feature  of  this  set  is  the 
admitting  of  a  new  partner,  and  continuing  the  business  in  the  same 

books. - Set.  I,  Part  II,  is  purely  initiatory,  introduced  for  the 

purpose  of  enforcing  the  fundamental  principles  of  the  science.  Set 
II  continues  the  business  of  Set  I,  but  enlarges  it,  and  gives  a  wider 
scope  of  transactions,  and  more  fully  enforcing  the  theory  and  pro¬ 
cesses  of  producing  results.  This  set  is  given  in  colors,  as  affording 
a  more  exact  model  for  imitation.  Set  III  contains  the  same  trans¬ 
actions  as  Set  III,  Part  I,  and  is  presented  for  the  purpose  of  show¬ 
ing  the  exact  differences  between  Single  and  Double  Entry.  Set  IV 
is  a  practical  set,  using  all  the  necessary  books  of  original  entry  as 
principal  books ;  posting  from  them  to  the  Ledger,  dispensing  with 
the  Journal  except  for  such  entries  as  are  not  recorded  in  the  other 
books.  This  set  exhibits,  in  the  most  decided  manner,  the  economy 
and  symmetry  of  Double  Entry. 

The  intermediate  “  Exercises  for  the  Learner,”  and  “  Examples 
for  Practice,”  are  relied  upon  to  make  the  theory  and  practice 
of  the  different  sets  effective.  The  “  Practical  Hints,”  at  the  close, 
embrace  suggestions  which  should  not  be  overlooked. 


PART  I. 


SINGLE  ENTRY. 


* 


PART  I. 


SINGLE  ENTRY. 

- - 


INTRODUCTION. 

1  In  estimating  the  true  basis  of  any  science,  it  is  well,  if  possi¬ 
ble,  to  follow  the  line  of  its  history,  and  become  familiar  with  the 
order  and  processes  of  its  development.  2  This  is  especially  true 
of  the  science,  of  Book-keeping,  for  although  it  is  purely  a  branch 
of  mathematics,  and  as  such  fully  entitled  to  the  favor  and  considera¬ 
tion  of  scientific  men,  yet  at  no  period  of  its  history  has  it  ranked 
in  the  estimation  of  scholars,  with  the  more  complex  and  abstract 
sciences;  3 which  fact  is  owing,  mainly,  to  a  misconception  or 
under  appreciation  of  its  dignity  and  importance  as  connected  with 
the  actual  duties  of  life.  It  is  lamentably  true  that  men  will  grow 
enthusiastic  over  the  solution  of  a  problem  in  Euclid,  or  the  effect 
of  a  combination  of  movements  upon  a  chess-board,  who  are  ignor¬ 
ant  of  the  first  principles  of  this  the  most  beautiful  and  practical  of 
sciences ;  and  are  content  to  pass  through  life,  receiving  and  appro¬ 
priating  the  reputation  belonging  to  men  of  science  and  erudition, 
while  they  are  consciously  and  persistently  unable  to  decide  the 
simplest  question  in  partnership  settlements,  or  to  appreciate  the 
well-established  theory  of  debits  and  credits  in  any  of  its  practical 
applications  or  philosophical  abstractions. 

It  is  difficult  to  account  for  this  strange,  inconsistency  except  upon 
the  ground  that  Book-keeping  is  a  practical  science,  and  as  such  is 
suggestive  of  rude  contact  with  actual  business  life.  It  has  too 
much  of  “  the  smell  of  the  shop,”  and  mixes  too  promiscuously  with 
unpoetic  bales,  boxes,  and  barrels.  It  is,  doubtless,  this  restricted 
view  of  the  science  which,  more  than  aught  else,  has  deprived  the 
world  of  sufficient  data  from  which  to  compile  its  history,  and  left 

11 


INTRODUCTION. 


to  the  imagination  and  logical  inference  what  had  else  been  a  com 
nected  series  of  recorded  facts. 

Necessity,  it  is  said,  is  the  mother  of  invention ;  and  as  all  science 
is  the  immediate  result  no  less  of  invention  than  investigation,  it 
may  with  truth  be  said  that  science  is  the  offspring  of  necessity. 
That  the  science  of  Book-keeping  is  essentially  so  will  be  apparent 
in  the  commonest  application  of  its  principles. 

4  The  very  condition  of  life  is  want ,  and  the  plans  and  purposes 
of  life  aim  at  the  supplying  of  want.  6  This  necessity  of  our  being 
begets  industry  and  frugality,  and  lays  the  foundation  of  all  real 
progress  in  arts  and  civilization. 

6  To  supply  the  necessities  of  life. the  earth,  through  careful  and 
patient  toil,  is  made  to  yield  her  abundance,  and  the  various  chan¬ 
nels  of  human  enterprise  and  skill  are  laid  under  perpetual  contri¬ 
bution. 

7  The  wants  of  man  are  so  numerous,  and  the  means  of  supplying 
them  so  various,  that  a  system  of  mutual  dependence  and  reciprocal 
labor  becomes  not  only  economical,  but  necessary ;  and  thus,  from 
the  very  first  enforcement  of  the  divine  law,  “  In  the  sweat  of  thy 
face  shalt  thou  eat  bread,”  has  there  grown  up  a  division  and  classi¬ 
fication  of  labor  and  wealth. 

8  The  tiller  of  the  soil,  whose  products  supply  the  necessities  of 
hunger ;  the  manufacturer  of  fabrics,  which  are  to  clothe  the  body ; 
the  artificer,  whose  cunning  workmanship  gratifies  the  more  refined 
wants  and  tastes;  the  man  of  science,  who  supplies  food  for  the 
mind ;  the  spiritual  teacher,  who  ministers  to  the  higher  develop¬ 
ment  of  soul  faculties,  and  the  common  laborer,  who  lifts  from  our 
shoulders  the  drudgery  of  baser  toil,  are  each  dependent  upon  all 
the  others  for  the  sum  of  material  and  intellectual  comforts  which 
minister  to  their  individual  wants  ;  9  and  a  mutual  exchange  of  these 
comforts  constitutes  the  foundation  principle  and  impulse  of  that 
grand  system  of  economy  which  we  call  Business. 

10  To  facilitate  these  exchanges  it  has  been  found  necessary  to 
establish  some  regular  standard  of  value  by  which  the  comparative 
worth  of  commodities  may  be  adjusted.  11  This  standard  is  usually 
represented  by  certain  precious*  metals,  usually  gold  and  silver, 
which  also  serve  as  a  medium  in  effecting  the  exchanges.  In  all 
civilized  countries  this  metal  is  divided  into  convenient  jiarticles, 
and  stamped  with  its  appraised  value,  and  is  used,  either  really,  or 
by  implication,  in  all  commercial  dealings. 

12  The  particular  necessity  of  Book-keeping  is  to  preserve  a  record 

12 


INTRODUCTION. 


of  such  exchanges  as  would  otherwise  be  trusted  to  memory ; 
although  a  thorough  application  of  the  science  embraces  other  most 
important  results.  Its  more  simple  and  restricted  use  may  be  easily 
shown. 

Suppose,  for  example,  that  John  Smith  is  a  farmer,  and  Thomas 
Jones  a  manufacturer ;  that  John  raises  as  much  food  on  his  farm 
as  is  necessary  to  supply  his  own  wants  and  those  of  his  neighbor, 
while  Thomas  makes  clothing  sufficient  for  the  demands  of  both. 
It  is  now  the  easiest  thing  in  the  world  for  both  John  and  Thomas 
to  have  food  and  clothing,  simply  by  exchanging  with  each  other 
their  surplus  products.  13  An  exchange  of  this  kind  would  possibly 
need  no  record ;  and  were  this  the  extent  to  which  commerce  had 
been  carried,  it  is  scarcely  probable  that  obstinate  brains  would 
have  been  puzzled  with  the  dry  formulas  of  Book-keeping.  But, 
suppose,  further,  that  Thomas  should  happen  to  be  in  immediate 
want  of  some  of  his  neighbor’s  surplus  food,  without  the  ability, 
at  the  time ,  to  render  an  equivalent  in  his  own  products.  He  says 
to  John,  “I  want  food,  and  cannot  pay  for  it  now,  but  if  you  will 
confide  in  my  honor,  I  will  surely  return  you  an  equivalent  when 
I  have  completed  work  now  in  progress.”  The  conditions  being 
satisfactory,  the  food  is  conveyed  from  John  to  Thomas,  and  the 
promise  from  Thomas  to  John.  If  John  is  blessed  with  a  faithful 
memory  he  may  be  able  to  retain  the  facts  connected  with  this 
transaction,  and  thus  constantly  bear  in  mind  that  he  owns  a  cer¬ 
tain  quantity  of  clothing,  which  his  neighbor  is  to  bring  him  at  a 
3  stated  time.  14  But  suppose  he  is  not  willing  to  trust  to  his  own 
memory,  nor  to  that  of  his  neighbor,  but  desires  something  tangible 
which  shall  at  least  represent  this  prospective  property — a  record 
which  will  not  fade  with  the  memory,  but  will  stand  for  the  benefit 
of  whom  it  may  concern,  even  in  the  absence  of  those  having  a  per¬ 
sonal  knowledge  of  the  facts.  The  person  relied  upon  to  fulfill  this 
promise  is  Thomas  Jones,  and  15  the  most  natural  form  of  record 
would  be  to  write  his  name  in  a  book  kept  for  that  purpose,  and 
state  the  fact  underneath  it,  thus :  * 

THOMAS  JONES 

Bought  of  John  Smith,  a  quantity  of  food,  valued  at  Ten  Dollars ,  for  which  he 
agrees  to  pay  a  quantity  of  clothing  of  equal  value,  on  [naming  the  date  of  pay¬ 
ment.] 

16  A  record  like  the  above  wTould  be  intelligible  as  containing  all 
the  facts,  and  affording  to  John  Smith  a  tangible  evidence  of  prop- 

13 


INTRODUCTION. 


erty  which  he  owns,  but  which  is  in  the  hands  of  another  party ; 
and  if  this  single  transaction  comprised  all  of  this  nature  it  would 
scarcely  be  worth  while  to  attempt  a  more  concise  or  symmetrical 
record.  17  But  as  dealings  of  this  kind  may  be  very  frequent,  not 
only  with  Thomas  J ones,  but.  with  other  parties,  it  may  be  well  to 
ascertain  if  some  more  satisfactory  and  less  cumbrous  method  may 
not  be  adopted. 

18  The  simple  fact  expressed  in  the  foregoing  record  is  that 
Thomas  Jones  oices  John  Smith  ten  dollars  worth  of  clothing. 
19  The  only  events  which  can  vary  this  fact  are,  the  payment  of  the 
debt,  or  a  part  of  it,  overpaying  it,  or  adding  to  it  by  subsequent 
purchase  without  payment.  20  There  are,  really,  but  two  condi¬ 
tions,  as  pertaining  to  persons  with  whom  we  have  dealings  on 
credit,  viz.:  that  of  owing ,  and  being  owed .  2j These  two  condi¬ 
tions  are  exact  counterparts,  and  so  far  as  they  are  equal,  will  can¬ 
cel  each  other. 

22  It  will,  therefore,  be  easy  to  arrange  these  opposite  facts  under 
the  names  to  which  they  pertain  in  such  way  as  that  not  only  the 
facts  themselves,  but  their  relative  results,  may  be  ascertained  at 
a  glance.  For  example  : 


Dr.  Thomas  Jones.  Cr. 


Date . 

Tie  owes  us. 

DoUs. 

Cts. 

Date. 

We  owe  him. 

Dolls. 

Cts. 

1861 

Jan. 

1 

To  1  Bbl.  Flour . 

10 

Jan. 

15 

By  4  yds.  Cloth . 

10 

Mar. 

1 

“  10  Bush.  Wheat. 

12 

50 

Apr. 

1 

“  Cash . 

5 

This  form  has  been  found  by  experience  to  be  both  comprehen¬ 
sive  and  practical.  23  It  is  called  an  account ,  and,  as  will  be 
readily  seen,  24  is  a  statement  of  dealings  with  Thomas  Jones. 

25  On  one  side  are  arranged  the  separate  amounts  of  his  indebted-'  # 
ness  to  us,  and  on  the  other  of  our  indebtedness  to  him.  26  The 
difference  or  result  will  be  a  net  amount  owing  either  to  us  from 
Thomas  Jones,  or  to  Thomas  Jones  from  us.  In  other  words,  if 
Thomas  Jones  owes  us  more  than  we  owe  him,  the  indebtedness  is 
in  our  favor,  and  may  be  reckoned  as  a  part  of  our  property ;  while, 
if  we  owe  him  more  than  he  owTes  us,  the  indebtedness  is  in  his 
favor,  and  should  be  reckoned  among  our  debts.  The  facts  shown 

14 


INTRODUCTION. 


in  the  account  given  may  be  thus  analyzed :  27  On  the  first  of  Janu- 
ary  Thomas  Jones  purchased  of  us  1  barrel  of  flour  at  $10;  ana  on 
the  15  th  of  January,  sold  us  4  yards  of  cloth  for  enough  to  cancel 
the  debt.  The  amounts  on  the  opposite  sides  of  the  account  will 
now  exactly  balance  each  other,  and  the  result  is  the  same  as 
though  the  exchange  had  been  made  at  once.  Again,  on  the  first 
of  Mar «h  he  purchased  10  bushels  of  wheat,  for  $12  50  ;  and  on  the 
first  of  April  pays  us  in  cash  $5.  This  leaves  a  deficiency  in  his 
account  of  the  difference  between  $12  50  and  $5  ;  and  we  say  that 
Thomas  Jones  owes  us  $7  50.  We  have  thus  a  tangible  record  of 
property,  which  if  left  to  memory  might  be  forgotten,  and  we  thus 
become  losers. 

28  It  will  thus  be  seen  that  in  all  cases  where  exchanges  are 
effected  between  parties,  either  of  whom  is  allowed  time  to  perform 
his  part  of  the  contract,  some  written  record  of  the  facts  are  neces¬ 
sary.  29  This  written  record  constitutes  the  germ  and  sphere  of 
Book-keeping. 

From  the  foregoing  illustration  it  will  appear  that 30  an  account 
has  two  sides,  a  31  debtor  and  a  creditor ;  that  32  upon  the  debtor 
side  is  shown  what  is  owing  to  us,  and  33  upon  the  creditor  Side, 
what  is  owing  by  us;  34 that  when  the  debtor  side  is  the  larger, 
the  difference  will  express  an  amount  belonging  to  us,  35  and  when 
the  creditor  side  is  the  larger,  the  difference  will  express  an  amount 
which  we  owe.  36  In  the  former  case  the  account  would  represent 
property  or  resources ;  37  and  in  the  latter,  debt  or  liability. 

38  In  the  earlier  history  of  Book-keeping,  doubtless  this  form,  or 
something  similar,  was  deemed  sufficient  for  the  purposes  of  trade, 
39  it  being  absolutely  necessary  only  to  have  some  written  evidence 
of  such  resources  and  liabilities  as  had  no  other  tangible  existence, 
■and  which  it  would  be  unsafe  to  trust  entirely  to  memory.  40  It  is 
evident,  however,  that  in  an  extensive  credit  business,  a  book  of 
consecutive  record,  giving  a  plain  and  simple  account  of  the  business 
as  it  progresses  day  by  day,  would  be  of  essential  service,  and  it  is, 
therefore,  the  almost  universal  practice,  particularly  among  mer¬ 
chants  and  tradesmen,  to  keep  a  41  Day  Book,  in  which  are  entered 
transactions  as  they  occur. 

An  example,  showing  the  form  of  this  book,  and  also  that  of  the 
Ledger,  with  the  transactions  properly  transferred,  will  be  seen  on 
the  following  page. 


15 


INTRODUCTION. 


DAY  BOOK. 


New  York,  January  30,  1861. 


Jan. 

80 

John  Smith, 

Dr. 

• 

To  5  yds.  Broadcloth . ®  $4  00 

“  10  do  Cassimere . 1  50 

“  30  do  Black  Dress  Silk.®  1  25 

“  25  do  Flannel . ®  50 

“  10  do  Figured  Silk . ®  1  50 

$20 
♦  15 

37  50 

12  50 

15 

100 

Mar. 

1 

John  Smith, 

Cr. 

By  Cash  paid  on  account, 

75 

These  entries,  carried  to  the  Ledger,  which  is  the  Book  of 
Accounts,  would  appear  thus : 


LEDGER. 


Dr. 


John  Smith. 


Cr. 


Jan. 


30 


To  Merchandise.... 


49  The  advantages  of  a  Day  Book  are  twofold :  First,  it  affords 
a  regular  daily  history  of  the  business ;  and,  next,  by  giving  the 
particulars  and  details  of  each  transaction  in  the  Day  Book,  the 
amount  alone  may  be  carried  to  the  Ledger,  requiring  thus  less 
space,  and  preserving  a  more  symmetrical  form  of  the  Ledger 
accounts. 

43  The  Day  Book  and  Ledger  in  Single  Entry  contain  only  such 
transactions  as  relate  to  persons.  44  All  prudent  men,  however, 
will  feel  the  importance  of  having  a  strict  record  kept  of  the  receipts 
and  payments  of  cash  and  other  people’s  notes,  and  of  the  issue  and 
redemption  of  their  own  notes.  45  This  is  done  by  means  of  books 
specially  arranged  for  such  purpose. 

The  following  are  the  most  simple  of  these  forms : 


16 


INTRODUCTION 


CASH  BOOK. 


Received.  Paid. 


Jan. 

1 

Amount  on  hand . 

$3000 

* 

Received  of  James  Monroe,  on  account . 

Paid  Store  Expenses,  as  per  Expense  Book . 

150 

175 

4 

Lent  John  Thompson  for  one  dav . . . 

Received  of  Jacob  Schuyler  for  Bill  of  Mdse . 

75 

500 

“  “  Robert  M.  Hart  “  “  “  . 

Paid  A.  T.  Stewart  in  full  of  account . 

18 

75 

400 

Received  for  petty  sales,  as  per  Cash  Drawer . 

110 

75 

Balance  on  hand . 

2278 

3353  ! 

75  | 

3353 

75 

2 

Amount  brought  down . 

2278  | 

75  | 

BILL  BOOK. 


Bills  Receivable. 


No. 

When 

Rec’d. 

Drawer  or 
Endorser. 

Drawee  or 
Maker. 

Date. 

Time. 

When 

Due. 

Amount. 

When  and  How 
disposed  of. 

1 

1851 
Jan.  1 

Robert  Minturn, 

Jas.  Cruiksliank, 

186.) 
Dec.  1 

61  ds. 

1861 
Feb.  2 

500 

1861 
'  Feb.  2 

Paid. 

2 

“  5 

Charles  Hawley, 

David  Woods, 

1861 
Jan.  5 

30  ds. 

Feb.  7 

1000 

Feb.  7 

Paid. 

3 

4 

Feb.  1 

44  15 

Abram  Duryea, 
W.  W.  Granger, 

Duncan  Phyfe, 
Ivison  &  Phinney, 

“  10 
Feb.15 

SO  ds. 
60  ds. 

Ap.  13 
Ap.17 

150!) 

300 

Bills  Payable. 


No. 

When 

Issued. 

Drawer  or 
Endorser. 

Drawee  or 
Maker. 

Date. 

Time. 

When 

Due. 

Amount. 

When  and  How 
Redeemed. 

1 

2 

3 

1861 
Jan.  12 
Mar.  1 

Samuel  Higgins, 
Peter  Cook, 

John  D.  Hinde, 

Ourselves, 

do 

do 

Jan.  12 
Mar.  1 

15  ds. 
90  ds. 
CO  ds. 

Jan. 30 
June  2 
Apr.  5 

150 

750 

300 

186  L 
Jan.  30 

Paid. 

These  simple  and  suggestive  forms  comprise  the  books  commonly 
used  in  Single  Entry ;  and  are,  perhaps,  sufficient  for  the  most  press¬ 
ing  demands  of  business  record.  It  will  be  the  aim  of  the  instruc¬ 
tions  which  follow  in  this  part  of  the  work,  to  present  the  subject 
of  Book-keeping  as  expressed  through  the  forms  of  Single  Entry  in 
as  progressive  a  manner  as  possible ;  and  with  a  view  to  prepare 
the  mind  of  the  student  for  the  more  perfect  and  beautiful  science 
of  Double  Entry,  which  is  unfolded  in  Part  Second. 

17  ♦ 


INTRODUCTION 


QUESTIONS  FOR  REVIEW. 


1.  How  can  the  true  basis  of  any  science  be  best  estimated?  2.  Why  is  this 
especially  true  of  Book-keeping  ?  3.  Why  has  Book-keeping  not  usually  been  ranked 
with  abstract  sciences  ?  4.  What  is  the  chief  condition  of  life  ?  5.  What  does  this 

necessity  beget?  6.  How  are  the  necessities  of  life  supplied?  7.  What  system 
grows  out  of  the  numerous  wants  of  man  ?  8.  Name  some  of  the  classes  of  men 

who  are  mutually  dependent  one  upon  the  other  ?  9.  What  constitutes  the  founda¬ 

tion  principle  and  impulse  of  business?  10.  How  are  these  exchanges  facilitated? 
11.  How  is  the  standard  of  value  represented?  12.  What  is  the  particular  neces¬ 
sity  of  Book-keeping  ?  13.  In  the  case  cited  between  John  Smith  and  Thomas 

Jones,  where  the  food  and  clothing  are  simultaneously  exchange  d,  is  there  any 
actual  need  of  a  written  record  ?  14.  In  the  case  where  the  payment  of  the  cloth¬ 

ing  is  deferred,  why  is  a  written  record  necessary?  15.  What  is  the  most  natural 
record  of  the  indebtedness  of  Thomas  Jones  in  the  example  given?  16.  Would 
this  record  be  intelligible?  17.  Why  is  a  more  symmetrical  and  concise  record 
necessary?  18.  What  is  the  simple  fact  expressed  in  the  foregoing  record? 
19.  How  may  this  fact  be  varied?  20.  How  many  conditions  are  there  pertaining 
to  dealings  with  persons  on  credit?  21.  How  are  these  conditions  as  compared 
with  each  other?  22.  How  may  these  opposite  facts  be  best  arranged?  23.  What 
is  this  form  called?  24.  How  may  it  be  defined ?  25.  What  facts  are  arranged  on 

either  side  of  an  account  ?  26.  What  is  shown  by  the  difference  between  the  sides 

of  an  account?  27.  Will  you  analyze  the  entries  in  Thomas  Jones’  account? 
28.  In  cases  where  exchanges  are  effected  involving  time  in  their  fulfilment,  what  is 
necessary?  29.  What  does  this  written  record  constitute?  30.  How  many  sides 
has  an  account?  31.  What  are  they  called?  32.  What  is  shown  by  the  debtor 
side  ?  33.  What  by  the  creditor  side  ?  34.  If  the  debtor  side  be  the  larger,  what 

will  the  difference  express?  35.  What,  if  the  creditor  side  be  the  larger?  36.  What 
will  the  account  represent  in  the  former  case?  37.  What,  in  the  latter?  38.  In 
the  earlier  history  of  Book-keeping  what  form  of  record  was  probably  used? 
39.  Why  was  this  form  alone  sufficient?  40.  What  other  forms  become  necessary  in 
an  extensive  credit  business?  41.  What  book  is  usually  kept  by  merchants  and 
tradesmen  ?  42.  What  are  the  advantages  of  a  Day  Book  ?  43.  What  class  of 
transactions  do  the  Day  Book  and  Ledger  in  Single  Entry  contain  ?  44.  What 

other  records  will  all  prudent  men  keep  ?  45.  How  is  this  done  ? 


18 


SET  I 


(INITIATORY.) 

DAY  BOOK  A.  1ST 33  LEDGER. 


SHOWING  SIMPLY  THE  USE  OP  THE  BOOKS,  WITHOUT  EXHIBITING 
A  GENERAL  RESULT. 


REMARKS. 


In  the  following  set  we  have  the  simplest  forms  known  in  Book¬ 
keeping,  viz.:  1  the  Day  Book  and  Ledger.  2 This  set  is  designed 
to  be  purely  initiatory,  and  is  introduced  mainly  to  exhibit  the 
forms  and  character  of  these  important  books,  which  will  be  exten¬ 
sively  used  hereafter. 

It  must  be  borne  in  uiind  that 3  the  true  purpose  of  Book-keeping 
is  to  preserve  a  sufficient  record  of  resources  and  liabilities,  to 
enable  the  proprietor  at  any  time  to  ascertain  the  condition  of  his 
business.  4  This  purpose  is  only  partially  effected  in  the  records 
which  follow,  but  it  is  deemed  important  that  this  class  of  property 
and  debts  should  be  clearly  understood  before  proceeding  to  the 
others. 

6  A  Ledger,  in  Single  Entry,  is  used  to  exhibit  the  relation  in 
which  the  various  persons  with  whom  we  deal  on  account  stand  to 
our  business,  and  contains,  therefore,  only  personal  accounts ,  or 
accounts  with  persons.  Inasmuch,  therefore,  as  every  entiy  on  the 
Day  Book  is  posted  to  the  Ledger,  6  the  Day  Book,  also,  contains 
only  records  which  pertain  to  persons. 

7  The  Day  Book  records  in  Single  Entry  are  direct  and  simple, 
first  expressing  the  name  of  the  person  to  be  debited  or  credited  on 
the  Ledger,  together  with  the  fact  of  “  Dr.”  or  “  Cr.,”  and  next  the 
consideration  and  amount.  8  These  records  are  then  transferred 
under  the  ‘appropriate  Ledger  accounts,  and  thus  exhibit  9  the 
result  of  the  transactions,  so  far  as  persons  are  concerned. 

The  set  here  shown  exhibits  but  few  transactions,  and  those  of 
the  most  simple  kind,  10  and  is  not  intended  to  show  any  general 
result  of  the  business  ;  the  main  object  being  to  set  forth  the  nature 
and  process  of  the  records  which  are  to  appear  upon  the  Ledger. 

The  student  is  requested  to  note  wTell  the  form  and  expression, 
that  he  may  correctly  render  the  “  Exercises  ”  which  follow  this 
set,  and  become  prepared  for  the  progressive  labor  in  the  succeed¬ 
ing  sets. 


20 


DAY  BOOK -SET  I. 


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LEDGER-SET  I. 


LEDGER-SET  I. 

a 


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25 


EXERCISES  FOR  THE  LEARNER. 


FIRST  SERIES. 

The  following  transactions  are  to  be  written  up  in  proper  form 
upon  the  Day  Book,  and  from  thence  posted  to  the  Ledger,  as  in 
the  set  preceding. 

Memoranda. 

Jan.  1.  Sold  H.  W.  Ellsworth  on  %,  5  Bbls.  Flour,  %  $10.  Sold 
James  Harper  6  lbs.  Coffee,  ©  ID;  5  lbs.  Black  Tea,  %  75$;  Re¬ 
ceived  Cash  on  %,  $2 . 2.  Bought  of  Geo.  A.  Crocker  on  %, 

50  Bush.  Apples,  @  50$ ;  50  Bbls.  Potatoes,  @  $2  50 .  3.  Sold 

Geo.  H.  Brown  on  %,  10  Bbls.  Apples,  <&  75$;  3  lbs.  Black  Tea, 

<&  75$ . 4.  Paid  Geo.  A.  Crocker,  Cash  on  %,  $100.  .... 

5.  Sold  Abraham  Lincoln  on  %,  2  Yds.  Broadcloth,  <&  $3 ;  50  lbs. 


Sugar,  @8$;  30  Yds.  Sheeting,  @  10^ . 7.  Bought  of  James 

Madison,  on  %,  10  Bbls.  Potatoes,  @  $2  50 .  8.  Sold  F.  A. 

Perley,  on  %,  5  Bbls.  Potatoes,  @  $3  ;  10  Bush.  Apples,  @  68^.  .  .  . 
10.  Paid  Geo.  A.  Crocker,  Cash,  $50 . 11.  Sold  P.  C. 


Schuyler,  10  Yds.  Broadcloth,  @  $5  ;  Received  in  cash,  $25 . 

12.  Sold  Peter  Cooper  on  8  lbs.  Coffee,  12$ ;  3  lbs.  best 
Black  Tea,  @  $1 ;  50  lbs.  Crushed  Sugar,  ©  12*. 


QUESTIONS  FOR  REVIEW. 


1.  What  forms  are  shown  in  Set  I.  ?  2.  For  what  is  this  set  designed  ?  3.  What 
is  the  true  purpose  of  Book-keeping?  4.  Is  this  purpose  fully  carried  out  in  the 
exercises  of  Set  I.  ?  5.  What  is  shown  in  the  Single  Entry  Ledger  ?  6.  What  does 

the  Day  Book  contain?  7.  What  is  the  form  of  record  in  the  Single  Entry  Day 
Book  ?  8.  Where  are  these  records  transferred  ?  9.  When  so  transferred,  what  do 

they  exhibit?  10.  Is  there  any  general  result  shown  in  this  set? 


26 


SET  II 


EETAIL  DRY  GOODS  BUSINESS. 

DAY  BOOK,  LEDGER  AND  CASH  BOOK. 

WITH  STATEMENT  OF  RESULTS  AT  THE  CLOSE. 


Y  vo¥.\Yevovv* 


REMARKS. 


Ik  this  set  we  are  enabled  to  arrive  at  more  perfect  and  satisfac¬ 
tory  results,  and  to  carry  out  more  fully  the  true  purpose  of  Book¬ 
keeping,  Hhat  of  exhibiting,  at  any  time^  the  condition  of  the 
business. 

By  the  use  of  the  Cash  Book  we  compass  a  most  important 
object,  in  2  keeping  a  check  on  the  receipt^  and  disbursements  of 
cash,  and  showing  the  amount  on  hand.  3  Of  all  the  books  used  in 
business  none  is  more  essential  than  this ;  and  no  cautious  business 
man  will  ever  attempt  to  do  without  it.  It  is  true,  the  amount  of 
cash  on  hand  may  be  easily  ascertained  at  any  time  4  by  counting  it ; 
but  6  this  process  affords  no  test  as  to  improper  expenditures  or 
omissions.  6  A  faithful  record  of  the  receipts  and  disbursements  of 
cash,  however — the  difference  agreeing  with  the  amount  actually  on 
hand — gives  a  degree  of  confidence,  not  only  in  reference  to  the  cash 
transactions,  but  to  the  business  generally,  which  can  be  secured  in 
no  other  manner. 

7A  Cash  Book,  properly  kept,  will,  at  any  time,  show  the  amount 
of  cash  on  hand ;  and  for  this  special  purpose  is  it  introduced  in  this 
connection.  The  form  here  used,  though  perhaps  not  the  best  for 
general  purposes,  is  extremely  simple  and  easily  understood.  It  is 
customary,  in  most  business  houses,  to  close  up  the  Cash  Book  8  at 
the  end  of  each  business  day,  and  bring  the  balance  down  as  a  basis 
for  the  next  day’s  transactions.  9  We  have  varied  this  plan  to  heU 
ter  suit  our  convenience,  closing  up  each  week  during  the  first 
month’s  business,  and  only  once  in  the  next  month.  This  is  deemed 
sufficient  for  the  purposes  of  illustration. 

The  particular  advance  which  is  made  in  this  set  over  the  preced¬ 
ing  is  more  apparent  in  the  statement  which  follows  the  Cash  Book, 
and  which  will  show,  at  a  glance,  the  grand  design  of  Book-keeping. 

Nothing  is  more  desirable  in  connection  with  business  record  than 
10  the  ability  to  exhibit  results  in  a  clear  and  unmistakable  manner. 
To  this  end  the  learner  should  be  taught  to  attach  much  importance 
to  the  statements  given  in  connection  with  the  various  sets,  and 
particularly  to  the  principles  deduced  therefrom. 


28 


1 


DAY  BOOK -SET  II. 

<9f.  J&ewti,  /,  /#j/. 


20 


29 


3 


DAY  BOOK -SET  II. 

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DAY  BOOK -SET  II. 


3 


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DAY  BOOK -SET  II. 


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32 


5 


DAY  BOOK- SET  II. 

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33 


DAY  BOOK -SET  II. 


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34 


7 


DAY  BOOK -SET  II. 


35 


INDEX  TO  LEDG-ER-SET  II. 


A 

o/a-meJ/  __  - - d 

N 

B 

o 

C 

o/avned,  _  / 

p 

dAacAalc/,  qA  AA,  _  _ _ e/ 

D 

d$e.tnaled’//  ^od'd/  __  _  _  _  % 

fjAmod,  _  _  _  _  _  _  d 

Q 

E 

R 

AdoAeldd,  dAAoc/ed;  df  _ / 

F 

M.  %y$.,  _  _  _  _  / 

s 

AA/evend,  oAfaac, -  __  _  2 

dfliencel,  Ado  A  A  A).,    d 

G 

T 

dAAotnad,  d£.  _  - - / 

H 

cftocniie^  Q A  oA,  qA., _ «/ 

u 

1  J 

o/oAndan^  dAcwpcc/  dA./ _  2 

V 

K 

w 

AfAe&AcA,  _  _  _  I _ $ 

L 

jAttdAy  o/avned  AfC;  _ _ _  S 

X  Y 

M 

Z 

36 


LEDGER,- SET  II. 


37 


2 


LEDGER -SET  II. 


/<?£/ 

<r 

c %  is/ltc/de.. 

2 

26 

SS 

Sri/ 

'S&ay 

/2 

2/ 

//  // 

2 

■S 

/s 

// 

SS 

*A 

ss 

26 

SS 

HI 

38 


LEDGER -SET  II. 

S 


tiffin  '(^Smve//,  ji.y  ^/f 


39 


4 


LEDGER,—  SET  II. 


/&/ 

<j7/a. 

*s/03y 

2? 

3 

S/a  <y$a2e. 

//  // 

* 

7 

0 

73 

30 

SO 

/s7/ 

<7/ay 

30 

3$jf  ^ 7 ad- S, 

33 

33 

33 

233  'IS^o/o'U  %?.  S^enceij 


40 


CASH  BOOK- SET  II. 


/ 

j/lf/noeen/^  on  done/, 

/dOO 

t^aee/^ol  fZ/a/eon  /Sod/.  d/com^ed,  e/c. 

S 

fffiec&evec/jfoi/  o/a/ed  //fed  o/adf,  ^iel/  /ec/fe/d, 

Y/d 

2S 

:  2 

fZce/c/^fol/  oZndeelance,  'kffo  on/  $4000/ 

20 

//  ZZhaffajpe  on  ^/Zc/de., 

S 

/Zleceevec/ ^fol/  <fffa/ed  ///fed  c/ad/,  ^iei/  /ec/e/d, 

Y/d 

3 

fZ/hew  oee/ ^fol/  /Zetdona,/ (ffjz/iedtded , 

/s 

/Zae'cf  ZZoi/el/  on  %  off  Zlfcifed, 

3 

SZecee/e/ jfoi/  (ffcc/ed  //fed  a/ao^,  els  /ec/e/d, 

d? 

2/ 

3 

/Safa/  (2a^t  ended  ^Zean/enfi  (fZ/ole, 

2 

SO 

7/  ^  2fJodd  //end/ 

S3 

SZece/ve/ jfeis  <3fa/ed  //fed  o/as^/  els  /ec/e/d. 

yyo 

SO 

s 

/Zaeaf jfoi/  Sffe//els  ZZlefd, 

7 

SO 

//  '  //  ^lee/fenf  JfZfejp/f/  e'n  //enc/vui. 

2 

so 

SZeceeueaZ jfols  oZa/ed  //fed  o/ce^/  ^iels  /ec/fe/d, 

Ydd 

2S 

/ 

//  off  o/amed  (/oadn^/iff&/f  on  %, 

/o 

Z/aehf  ^/el/f'd  fZa/ciljf  , 

/S 

SZece/uecZ jfois  oZa/ed  //fed  afajp,  ^iels  /ccffz/d, 

yoo 

xfffa/ance'  on  /feenef, 

2/M 

<?s 

~ 

23 

22dY 

23 

cT 

SSa/ance/  /floup-rf/^  cSton, 

2/p/ 

<zs 

f/fae'ef  ff  id  /  ff/f&f.  f/fee/fd  ZZloene, 

Y 

20 

//  //  ^alle'afe/  tP'&eie, 

l 

Z/lece/oecf ^f/ols  (ffac/ed  //fed  c/ccdf, fieis  /ec/e/d, 

2/d 

ZZaecf  f/Zhaycefe,  fff;  /Zot/elajpe,  ffj, 

7 

//  fZ/fow  <^cede/ 

20 

<Zfali.eecf'  ov-el, 

2M 

ss 

32 

20 

41 


CASH  BOOK -SET  II. 


&ss7 - 


owei, 

24/4 

2S 

S2 

20 

S4ece<oeS^ols  (2/a4eJ  7/CeJ  <j/ajyy  j4els  ^ehtfedCi, 

77 

/o 

c7a<a4 jbls  d^/a^e. 

2 SO 

//  SSooSSee^teL  on 

/o 

//  <27ntcc-/7’ tSernS  yf  (2<^o/ten/Se/ 

OTleceSoec/ ^o4s  o/aSeJ  S/ud  Sajy/  ^tels  ^t'c^eiCf/ 

//o 

/ 

22 

// 

47a*c4  04eniC^  tn  j0u77 \ </o  is/7ap t  S/^ 

j  200 

//  on  « 96-cffl ST/in/Sule, 

74ece4oec0  Sols  7/aSeJ  S/i<j  c/ajf,  ^teis  ^<‘cSeSd/ 

77 

7S 

2S 

/2 

//  o^O  <7f0iee0oc7’/  on  % , 

/s 

//  j&iy  'O'led  dtodedf. 

64 

/J 

//  //  //  // 

?<? 

ys 

47Ja ’dances  on  Sane/, 

i  • 

2SS6 

sy 

2<?ys 

SS 

2sys 

ss 

/s 

OSJaOances  ^loujy.S1/^  aSton, 

22Sd 

*7 

t^ou’c/'  (oa^le^f  ^SoStalped; 

/ 

/ 

s7 

so 

//  47od'4ajpe  Q^oom^id/ 

f/  ^Sai^ten’/el^o t  24e^iauUnjp  oT/oie, 

ss 

04ece*vec4 Q^aOed  <47td  c/aty,  ^i&l/  j4ccSe,4d/ 

PS 

/y 

//  //  //  // 

22 

7S 

// 

//  //  )>  // 

/2d 

s/ 

/<? 

OScuc/  77'ia'tyape,  $4;  Qofaet^sC/,  $7  S0/ 

OSeceOoec/ ^o4s  oSadfed  */7^d  c/aiy,  els  >4<c7et/d/ 

/ys 

// 

so 

# 

//  //  //  // 

2/0 

so 

20 

//  o^f  <£/!  (£/?  47ac^atc4  on  %/ 

so 

jj  foiy  Q^Sed  ^Tdj  c/a^/ 

//2 

<?/ 

OfflaOance'  on  dctncf, 

sm 

4/ 

S2/S 

24 

22/S 

22 

42 


CASH  BOOK -SET  IL 


da/d _  230 


22 

ddaOance'  on/  done/, 

S/M 

4/ 

t&at'cd jOol/  2  c %nd  d>oa-d  ©  $3  00/ 

SO 

//  SOadinces  on/  oTtin-c/ule, 

S3 

SdeceOv-es/  -/ols  <d/a3ed  /did  c/ay./  Aei/  dOcde/d/ 

/OS 

20 

23 

//  //  //  // 

/2j> 

n 

//  //  //  // 

/SO 

S3 

23 

/TcucO  //dood-dee^iel  on  7C  / 

/S 

OdeceOoec/ j/oi/  d/a/ed  /ded  c/an/,  piei/  /eede/d, 

os 

2d 

//  //  //  // 

/OS 

7s 

2? 

/date/  d2hapajpe/ 

SO 

/  /  2/ol  s Olap.&/ 

d 

ddeceooec/^/o4s  d/ci/ed  /dtd  c/<zj//  ^ie4s  /tode/j. 

/OS 

3/ 

£3a/d/nce/  on  done/, 

33p3 

/s 

S/P2 

/s 

3pp2 

7* 

2? 

ddaOance'  dloupd'd  c/ovon/ 

ssps 

/S 

OOkcO  (dcc/ile^J  dtdaiped  on?  /Tacdapes 

jOlom  ddecapo, 

/ 

SO 

//  ddetj^dd  on/  <s/ddJe./ 

24 

73 

Odeceov-ec/ ^Ools  d/a/ed  /did  c/a^/  ^tei/  dtededd/ 

0/ 

/o 

30 

//  o^O  o/amed  dd)/toa/ei/  on/  °/c  / 

20 

//  /,  dO.  dOdomaJ/  3n/ ^ddd 

SO 

//  d/a/ed  /dtd  c/ajf,  ^iei/  /tcdo/d/ 

/2S 

* 

dda/ance'  on  done/, 

4/3/ 

'dO 

S/S/ 

33 

4/3? 

33 

43 


0 


CASH  BOOK -SET  II. 


44 


STATEMENT. 


0 


11  The  facts  embraced  in  the  following  statement  are  gathered 
from  the  preceding  Ledger  and  Cash  Book,  and  will  afford  a  more 
concise  and  satisfactory  view  of  the  true  purport  of  Book-keeping 
than  could  be  enforced  by  any  other  form  of  argument.  12  It  must 
be  borne  in  mind  that  any  statement  which  shows  the  condition  of 
business  must  embrace  a  list  of  its  property  and  debts ;  or,  in  busi¬ 
ness  language,  its  resources  and  liabilities;  and,  consequently,  13  any 
system  of  Book-keeping  which  will  enable  one  the  most  easily  and 
certainly  to  get  at  these  facts,  must — other  things  being  equal — be 
the  best  system. 

The  variety  of  resources  and  liabilities  in  the  business  here  repre¬ 
sented  is  quite  limited,  and  requires,  therefore,  fewer  aids  than  would 
otherwise  be  essential.  In  fact,  the  Cash  Book  and  Ledger,  in  con¬ 
nection  with  an  inventory  of  unsold  merchandise,  afford  all  the 
necessary  results  for  the  purposes  of  a  statement. 


Resources. 

1.  From  Ledger  Accounts 14  Balances  due  from  persons. 

James  Campbell, . 

$120 

57 

David  P.  Johnson, . . . 

80 

00 

Isaac  Stevens, . 

30 

50 

Robert  Demarest, . . 

28 

00 

James  Atwater, . 

31 

50 

James  W.  Lusk, . 

37 

75 

S.  S.  Packard, . 

85 

05 

John  J.  Howell,  Jr., . 

16 

50 

Robert  C.  Spencer, . 

69 

68 

2.  From  Cash  Booh. — 13  Balance  of  Cash  on  hand, _ 

2908 

26 

3.  From  Inventory. — 1 6  Merchandise  on  hand,*. . 

1015 

45 

$4483 

26 

Liabilities. 

17  From  Ledger  Accounts. — Balance  due  Roberts,  Rhodes 

&  Company, . 

2000 

Present  Worth, . 

$2483 

26 

*  The  value  of  merchandise  on  hand  has  necessarily  to  be  assumed.  In  business  it  would  be 
ascertained  by  taking  an  actual  inventory  or  u  Account  of  stock.” - 

45 


STATEMENT. 


From  the  foregoing  abstract  we  ascertain  the  present 

worth  or  net  capital  of  the  concern  to  be,  .......  .  $2483  26 

From  which,  if  we  deduct  the  investment  at  commencing,  1500 
We  shall  show  the  net  gain  during  the  two  months  to  be,  $983  26 
From  these  illustrations  we  gather  the  following 

RULES. 

18  X.  To  ascertain  the  net  capital,  or  present  worth,  subtract  the 

.  liabilities  from  the  resources . 

19  2.  To  ascertain  the  net  gain  during  business ,  subtract  the  net 

capital  at  commencing  from  the  net  capital  at  closing . 


EXAMPLES  FOR  PRACTICE. 


The  following  examples  are  given  to  make  the  student  more  fami¬ 
liar  with  the  principles  embraced  in  the  preceding  set ;  and  espe¬ 
cially  to  enforce  the  theory  of  the  foregoing  rules.  He  should  be 
required,  not  only  to  produce  the  proper  results,  but  in  each  case 
to  render  a  written  statement ,  similar  to  that  on  the  preceding  page. 

Example  I. — A  merchant  commenced  business  with  a  capital  of 
$5000.  At  the  end  of  the  year  he  gathers  from  his  books  the  fol¬ 
lowing  facts:  Amount  of  Cash  received,  $15,000;  Amount  paid 
out,  $10,500  ;  A.  B.’s  account  stands,  Dr.  $1500  ;  Cr.  $1000  ;  C.  D.’s, 
Dr.  $4000 ;  Cr.  $3500 ;  E.  F.’s,  Dr.  $975  ;  Cr.  $450 ;  G.  H.’s,  Dr. 
$483  75  ;  Cr.  $300  ;  Merchandise  on  hand,  as  per  inventory,  $2750  ; 
Amount  owing  to  J.  K.,  $1500.  Required ,  the  net  capital  at  closing , 
and  the  net  gain  during  business . 

Example  II. — A.  and  B.  commence  business  with  the  following 
resources:  Cash,  $3000  ;  Notes,  $1500  ;  Merchandise,  $3500 ;  Beal 
Estate,  $10,000;  Balance  due  on  personal  accounts,  $12,500.  At 
the  end  of  six  months,  their  resources  and  liabilities  are  as  follows : 
Cash  on  hand,  $1500;  Cash  in  Bank,  $4000;  Notes,  $3500;  Mer¬ 
chandise,  $3750  ;  Beal  Estate,  $15,000 ;  Due  on  Personal  Accounts, 
$5000  ; — Amount  due  from  the  firm,  on  their  notes,  $750  ;  Amount 
due  to  persons  on  account,  $1500.  Required ,  the  capital  at  com¬ 
mencing;  at  closing ;  and  the  net  gain . 

46 


/ 


EXERCISES  FOR  THE  LEARNER. 


SECOND  SERIES. 


The  following  transactions  should  be  written  up  with  great  care. 
Let  the  student  use  all  the  books  introduced  in  Set  II.,  and  in  the 
same  manner. 

Memoranda. 

July  1.  Commenced  Business  with  Cash  on  hand,  $1500. — Bo’t 
of  Harrison  Scott  on  %,  50  Bbls.  Genesee  Flour,  ©  $8;  2  Hhds. 
Molasses,  140  Gals.,  ©  40$;  12  Boxes  Soap,  ©  $4 ;  6  Half  Chests 
Y.  H.  Tea,  ©  $20. — Paid  for  Stationery  and  Sundry  Expenses,  $50. 
— Rec’d  Cash,  for  Petty  Sales,  $15. — 2.  Sold  J.  W.  Husted,  on  %, 
10  Bbls.  Genesee  Flour,  ©  $9  25  ;  4  Boxes  Soap,  ©  $4  25. — Paid 
Drayage,  $2. — Rec’d  Cash  for  Petty  Sales,  $50. — 3.  Sold  John 
Banks  on  %,  15  Bbls.  Flour,  ©  $9  50 ;  3  Half  Chests  Tea,  ©  $25. — 
Paid  Harrison  Scott,  Cash  on  %,  $200. — Rec’d  Cash  for  Petty  Sales, 
$75. — 4.  Bo’t  of  Henry  P.  Smith,  on  %,  10  Hhds.  Molasses,  1200 
Gals.,  ©  50$ ;  12  Boxes  Havana  Sugar,  3750  lbs.,  ©  6$. — Sold  J.  C. 
Hall,  on  %,  10  Gals.  Molasses,  ©  *75^;  1  Bbl.  Flour,  ©  $9.* — Rec’d 
Cash  for  Petty  Sales,  $110. — 5.  Sold  Henry  P.  Smith,  on  %,  5  Bbls. 
Flour,  ©  $9. — Received  Cash  on  %  of  John  Banks,  $50. — Rec’d 
Cash  for  Sales  this  day,  $115  75. — 6.  Paid  Cash  for  Stationery, 
$5  50. — Rec’d  Cash  for  Sales  this  day,  $110  75. — 8.  Bo’t  of  C.  J. 
Judd,  on  5  Bbls.  Coffee  Sugar,  1000  lbs.,  ©  6^$  ;  6  Hhds.  Molas¬ 
ses,  4000  Gals.,  ©  50$. — Rec’d  Cash  for  Sales  this  day,  $75  50. — 9. 
Paid  Cash  for  Clerk  Hire,  $50. — Received  for  Sales  this  day,  $50. — 
10.  Rec’d  Cash  for  Sales  this  day,  $83  30. — 11.  Sold  John  Banks, 
on  %,  10  Gals.  Molasses,  ©  60$ ;  50  lbs.  Coffee  Sugar,  ©  7$ ;  1  Bbl. 
Flour,  ©  $9. — Rec’d  Cash  for  Sales  this  day,  $68  50. — 12.  Paid 
C.  J.  Judd  Cash  on  %y  $500. — Rec’d  Cash  for  Sales  this  day,  $75. 
• — 13.  Rec’d  Cash  for  Sales  this  day,  $117  50. — 15.  Bo’t  of  Thomas 
Palmer  on  %,  3  Bbls.  Soda  Crackers,  ©  $4  20  ;  12  Boxes  Butter 
Crackers,  360  lbs.,  ©  6$ ;  40  Loaves  Bread,  ©  10$. — Paid  Porterage 
in  Cash,  $3 ;  For  Cleaning  Store,  $5. — Rec’d  Cash  for  Sales  this 


QUESTIONS  FOR  REVIEW. 


day,  $123  Vo. — 16.  Paid  James  Smith,  Cash  for  Repairing  Store, 
$25. — Sold  Rob’t  Hayward,  on  %,  1  Bbl.  Soda  Crackers,  ©  $5  ;  3 
Boxes  Butter  Crackers,  90  lbs.,  ©  7?. — Rec’d  Cash  for  Sales  this 
day,  $97  50. — 17.  Rec  d  Cash  for  Sales  this  day,  $125  75. — 18. 
Sold  W.  F.  Norman  on  %,  100  lbs.  Sugar,  ©  7? ;  50  Gals.  Mo¬ 
lasses,  ©  60?;  60  lbs.  Sugar,  ©  7*. — Paid  Smith  &  McDougal  for 
Printing  Circulars,  $5  50. — Rec’d  Cash  for  Sales  this  day,  $88  93. — 
19.  Paid  Cash  for  Postage  Stamps,  $3  ;  Letter  Paper,  $5. — Rec’d 
Cash  for  Sales  this  day,  $98  37. — 20.  Rec’d  Cash  for  Sales  this 
day,  $117  95. — 22.  Rec’d  Cash  on  %  of  John  Banks,  $50. — Sold 
Robert  Hayward  on  ■%,  30  Gals.  Molasses,  ©  60? ;  2  H’f  Chests  Tea, 
©  $25. — Rec’d  Cash  for  Sales  this  day,  $84  28. — 23.  Rec’d  Cash 
on  %  of  Rob’t  Hayward,  $30. — Rec’d  Cash  for  Sales  this  day,  $75. 
— 24.  Sold  J.  C.  Buttre  on  %,  1  Hhd.  Molasses,  75  Gals.,  ©  56?. — 
Rec’d  for  Sales  this  day,  $65  75. — 25.  Rec’d  Cash  of  Rob’t  Hay¬ 
ward,  in  full  of  %,  $49  30. — Rec’d  Cash  for  Sales  thn,  day,  $78  25. 
—26.  Rec’d  Cash  for  Sales  this  day,  $48  95. — 27.  Paid  Clerk’s 
Salary  in  Cash,  $50. — Rec’d  Cash  on  %  of  J.  C.  Hall,  $16  50. — 
Paid  Henry  P.  Smith,  Cash  in  full  of  %,  $780. — Rec’d  Cash  for 
Sales  this  day,  $81  38. — Mdse,  unsold,  amounts,  per  Inventory,  to 
$1500.  ttt 


QUESTIONS  FOR  REVIEW. 

REMARKS,  PAGE  28. 

I.  What  more  perfect  results  are  shown  in  Set  II?  2.  What  important  end  is 

accomplished  in  keeping  a  Cash  Book  ?  3.  What  is  one  of  the  most  essential  books 

in  business  ?  4.  How  may  the  amount  of  cash  on  hand  be  ascertained  without  the 

use  of  a  Cash  Book?  5.  What  tests  are  omitted  if  we  depend  solely  upon  counting 
the  cash  ?  6.  What  advantages  are  there  in  a  faithful  record  of  receipts  and  dis¬ 

bursements  of  cash?  7.  What  will  be  shown  at  any  time  by  a  Cash  Book  properly 
kept?  8.  How  often  in  business  is  it  customary  to  close  up  the  Cash  Book? 
9.  How  often  is  the  Cash  Book,  used  in  this  connection,  closed?  10.  What  is  a  de¬ 
sirable  feature  in  business  record  ? 

STATEMENT,  PAGE  45. 

• 

II.  From  what  sources  are  the  facts  exhibited  in  the  Statement  on  page  43  ob¬ 
tained?  12.  What  is  an  indispensable  requisite  to  any  statement  showing  the  con¬ 
dition  of  business?  13.  What  is  the  sure  test  of  superiority  in  a  sj^stem  of  Book¬ 
keeping?  14.  What  class  of  resources  are  found  in  the  Ledger?  15.  What,  in  the 
Cash  Book?  16.  What  ascertained  only  from  Inventory?  17.  How  are  our  liabili¬ 
ties  ascertained?  18.  What  is  the  rule  for  ascertaining  the  present  worth  of  a  con¬ 
cern?  19.  What,  for  ascertaining  the  gam  during  business? 

48 


SET  III 


- -+++++ - — - — 

WHOLESALE  DRY  GOODS  BUSINESS. 


(PARTNERSHIP.) 


DAY  BOOK,  LEDGER,  SALES  BOOK,  CASH 
BOOK,  AND  BILL  BOOK. 

WITH  STATEMENT  OP  AFFAIRS  AT  THE  COMMENCEMENT,  AND  ALSO  AT  THE  CLOSE, 


YwAmss  :WAv»-ev%e. 


REMARKS. 


In  the  set  which  follows  we  have  enlarged  the  area  of  our  labor, 
by  enlarging  our  business,  and  adding  somewhat  to  the  variety  of 
our  resources  rfnd  liabilities.  The  peculiar  feature  of  this  set  con¬ 
sists  in  the  auxiliary  books,  which  are  introduced  for  the  double 
purpose  of  teaching  their  use,  and  preserving  a  more  complete 
record  of  the  transactions.  The  form  of  Cash  Book  given  in  this 
connection  differs  from  that  in  Set  II,  in  its  arrangement  of  receipts 
and  payments.  This  form  is  the  one  in  common  use,  and  is  prefer¬ 
able  to  the  other,  mainly  on  account  of  its  complete  separation  of 
the  two  conditions  named ;  the  receipts  being  placed  on  one  page, 
and  the  payments  on  the  other.  The  Bill  Book  and  Sales  Book  will 
explain  themselves.  There  are  more  comprehensive  forms  for  the 
Bill  Book  in  use,  but  the  form  here  submitted  is  the  one  more  gen¬ 
erally  used,  and  has  the  merit  of  simplicity  and  plainness.  The 
Sales  Book  is  one  of  the  most  convenient  auxiliaries  a  merchant  can 
adopt ;  and  particularly  where  any  amount  of  wholesaling  or  gen¬ 
eral  credit  business  is  done.  It  is  not  absolutely  essential  that  the 
credit  sales  should  be  entered  on  the  Day  Book,  as  they  may  easily 
be  posted  from  the  Sales  Book  direct ;  but  as  many  merchants  adopt 
the  plan  of  posting  only  from  the  Day  Book,  and  as  there  are  some 
very  good  reasons  for  adopting  this  policy,  we  have  here  given 
it  practical  endorsement.  The  initials,  “  D.  B.,”  “  C.  B.,”  and 
“  B.  B.,”  in  the  margin  of  the  Sales  Book,  (standing  for  Day  Book, 
Cash  Book,  and  Bill  Book)  will  indicate  the  books  wherein  are  en¬ 
tered  the  various  resources  received  for  merchandise.  The  Sales 
Book  is  not,  properly  speaking,  a  book  of  results ,  and  is  not  con¬ 
sulted  in  making  up  our  list  of  resources  and  liabilities. 

In  the  former  set  the  result  of  the  business  was  a  gain ;  in  this  a 
loss  has  been  sustained,  which  is  shared  equally  by  the  two  partners. 

In  writing  up  this  set  the  student  should  be  required  to  observe 
the  order  of  dates  in  the  various  books,  and  complete  the  record  of 
each  transaction  before  proceeding  to  the  next.  For  example:  On 
the  1st  of  July,  Robert  Yan  Schaick  purchased  of  us  a  bill  of  mer¬ 
chandise  for  which  he  paid  cash.  This  entry  is  first  made  in  the 
Sales  Book,  from  w^hich  the  amount  is  transferred  to  the  Cash  Book, 
and  marked  “  C.  B.”  in  the  margin  of  the  Sales  Book.  The  suc¬ 
ceeding  entries  in  the  Sales  Book  are,  in  the  same  manner,  trans¬ 
ferred  to  the  appropriate  books  which  are  indicated  in  the  margin. 


50 


/ 


1 


DAY  BOOK -SET  III. 

o3ddadi^y  yfafy  'z 


y. 

<s?W  <J^.  Btyan/, 

<S%H/  Q^iv-eddmond^  do  «. OOadtne^O, 

isdSeic/fanaOde  ,  ad ^teis  o/n^v-andoi^, 

fayso 

i/Soded,  ad ^iei/  33d33 33oo3, 

SdOO 

load'd,  ad ^tei/  SOaddf  33oo3, 

/soo 

SOadanced  oS<y  on/  33ldona3 SSccoandd,  vtjf.  : 

o/o/fn/  M.  dSenn, 

SCO 

S3.  SSatidfanSd, 

yso 

<S33?tp,o  addon, 

sys 

Wd 

/ 

M’.  £8.  <%u*nt 

<&. 

SSol/  ojOtveddmend,  ad ^0o3o*v-d  : 

<P3oade/  ancO  SOod,  /uada-ecd  ad^ 

SO 00 

^adSi  w  <2SfUon/  33an3, 

3000 

dOOO 

/■ 

// 

■y 

Q&/n  M.  OOnn, 

&*. 

c 9o  dffladances ^davoi/  o^d  Stp.  33.  dShj/and, 

soo 

3 

// 

<S^dlen^a  <S^a33yzn3j, 

B. 

- 

<3o  33adances jdavol/  of?  S3.  33.  33ljfand, 

yso 

. . . —  — -  // 

jy 

Ss^ton^o-  ^aj/on, 

3U. 

<3o  33a3nces ^d<zvoi/  o^d  S3.  33.  33ljfand/ 

sys 

51 


2 


DAY  BOOK -SET  III. 


y 

/ J 

Qfo/n  M.  Mnn, 

<&. 

^adA  <sn  a/c  / 

2 SO 

f 

y 

2j 

Q^ccmeJ  Q^sfnJon, 

B*. 

c %  tsZZa/de.  j/iei/  o/os&d  ZfflooZ’, 

/P2 

YT 

/ 

2j 

<y/&e^en 

oZnwotce  Zffloo’/d  ancfi  of/ioed; 

• 

sys 

Y 

2j 

c^T  ©ffieuYaJdb  &0., 

<&. 

£$y  oZ/dvdices  ZZhy  ^oocZf, 

ysy 

y 

Y 

sj 

ZL'c e. 

Sit. 

c%  £§s/tZ 0^  c z/Zc/de.  ^tei/  <Zfa4ed  ZfflooZ’, 

42 

4S 

Y 

2J 

m  '  *  //  * 

^O^on^a  Z^aj/on, 

<&. ' 

^adSi  471  jf^ts/tZ o^f  % , 

s?s 

Sri 

Y 

SJ 

M. 

c%  'S&Zde.  ^ie4s  <Z/a^ed  Z$o orf,  * 

2S 

4/ 

Y 

2 J 

.  ,  // 

M.  &  <5%eu>ai.Y  cf  &0., 

'2it. 

qZo  ^adYz  o7v  °/c  / 

SOO 

52 


3 


DAY  BOOK -SET  III 


eft?.  B.  <3 

c /o  B/cc^/i/ec/  ^/hot^//,  ^/awois  o^/  //?  &, 
as  /lets  £$/// 1 /too/?, 

B*. 

oZ/iencel, 

?d 

.  /J 

e fj 

/s^DmaS  J2)ean, 

B*. 

<//o  </$*// y/ 1 B/c/de.  ^ieis  (//a-deJ  SUoo/f/ 

/s 

■  /SO 

/ 

(^o/a^/cn/  c e/Jen <cj//  &C., 

B+. 

- 

o%  i/Pe/e^  /'O  c/f.,  /o  ///usances  %  / 

* 

sys 

B’.  B. 

'B*. 

<Sa  IStzj/i  off  Ifhva/e'  %  / 

ys 

/If  ' 

£ 

<2Syoien^&  B^cit^/fand^ , 

%. 

//ad/{  on  °/c  / 

sso 

2/? 

r 

Jj 

tyhc/o'is  b$o.  .c iffi-tce, 

B*. 

r 

Jj 

c%  iB/o/je.  j/eis  o/a/cd  BSeoB, 

&-1. 

^add  on  %/ 

_  2/ 

SS 

SO 

/ 

Jj 

<2$ east, 

<&. 

^(oadB  o/zi  °A  / 

so 

2. J 

r 

si 

cflayneJ  oZ/ie&en, 

S-i. 

y 

<//o  JMTyt  %B/c/le.  j/ei  o/aBd 

/ss 

53 


4 


DAY  BOOK -SET  III. 

/M/. 


r 

Jj 

&  &.  Mtce, 

<&. 

38y  ^$adX  eh'  %  / 

42 

4S 

9S 

r 

4J 

dfflyicUc/, 

B*. 

c$0  $$e$i$ e^f  t s'/jfa/je,  ^zei/  ($/oo/ed  $$00^, 

J7 

ss 

.27 

/ 

41 

Q^odn  c^e/ct/en, 

3>*. 

$0  $$e$lf 0^?  ^teis  Q$a$Lf  $$00^ 

2/7 

so 

/ 

S$>.  <3(  @%ewcu/ c^$  t&a., 

Sh. 

c$0  ^ad/f  eh  e^  %  , 

/sy 

90  . 

Q&/n  &.  <9enn, 

<&. 

$$Jt  ^toadd  eh  jfu'ffl 0^*  a/c  / 

2S0 

3/  _ 

CS'/faJ.  $M).  d/ee/tejf, 

c$0  iS$c/je.  ad  j/tei  ofcs/ed  $$00^ 

/S2 

40 

/ 

4j 

$$Jf  ^ad^  0n  a/c  / 

?S 

s 

/ 


54 


INDEX  TO  LEDG-ER-SET  III 


A 

N 

B 

<?&.  _ _ _ / 

$$e2c/en/  o2&$ny  _  _  _  4 

o 

c 

<s$fe$en'  df  ^o. , - 2 

p 

*^endt/  o/odin'  2$.,  _ _ _  / 

^ay'U/    J 

D 

- .  _  _  J 

Q 

E 

R 

Mte,  <§,38.,-  ...  _ S 

3kbe,  d?.,  --  _ S 

F 

c^cul$c^n$d /  * 2$oie^t^o/  _  _  _  / 

s 

<£/%'la2i/&n/  #(o.  22$.  / 

$2^edcxat$/  <S%2>.  <2$; _  2 

$$t&$2on/  o2a-med/ _  2 

of/ie^iaic/,  <$f2$$a-^n/ _  2 

$/ee2ey/  ^-rfad.  2$&. ,    4 

G 

‘^ad’/on,  _  _  _  2 

T 

H 

U 

1  J 

o/o/indon,  o/afned,  _ _ _ _ 2 

V 

K 

w 

L 

X  Y 

M 

z 

LEDGER- SET  III. 


1 


m?  fldn  1%.  Wmn.  ff 


/<&/ 

/ 

/ 

soo 

/<?£/ 

// 

2 

2? 

//  // 

2 

4 

250 

250 

soo 

soo 

56 


2 


LEDGER -SET  III. 


taT&m. 


/#£/ 

/ 

/ 

s?s 

/<?£/ 

7 

S?5 

s/.  &  £/$euwtf  (^  *io#. 


LEDGER -SET  III. 


3 


■/<&? 

7 

<44>  %s$c/det/ 

2 

42 

44 

M7/ 

24 

44jf  (^aJ^/ 

4 

42 

44 

427/ 

20 

c 4o  %y44c/jet/ 

4 

42 

44 

/<r7/ 

20 

2%Jj/  ^adSi, 

40 

9 

58 


4 


LEDGER,—  SET  III. 


59 


SALES  BOOK -SET  III. 

l 


60 


2 


SALES  BOOK -SET  III. 


61 


3 


•  .  . 

\ 

SALES  BOOK -SET  III. 


62 


4 


63 


CASH  BOOK- 


/0/ 

\ 

$223? 

/ 

tS2n 

V  o2nvej2ec2  2Cf  23.  33.  33l^on2y 

Z200 

// 

// 

/  /  23. 2$.  323ia22on/  ^3n  3an3J 

MOO 

// 

33ec 

'c/^ol  ^23c3e.  Jo  3/  33o2' 2  22an  333a4c3/ 

I  & 

2 

// 

on/  %  g/  33nny 

2 SO 

3 

/  / 

27e22tf  32a3dy 

// 

SO 

7 

// 

y  S33n^.o  <^aJ*/on/  €n> ycs33y  a/c , 

3?S 

cf 

// 

,,  72C 23.  (32at3yoi  i2&/jeyiei  3333. 

32 

/o 

// 

<j3moan2  <y  33o2'2  33luce  <f  ^4/o2ey 

soo 

•  i 

22 

// 

y&is  3322^  33i3dy 

SS 

SO 

/<r 

// 

y  CCOolen^o  oTatirfanSj ,  on/  7C  y 

sso 

/<? 

/  / 

//  yC.  </3.  32o2j/yot  %s72ci/de.y,ei  3333. 

2S2 

dost 

S2 

%J 

1 

S2 

/cf 

33a2ances  on  done/, 

stos 

// 

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SET  III. 


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65 


BILL  BOOK, -SET  III. 

: _ Receivable _ 


When  and  How 

Disposed  of. 

Amount. 

■nil  I 

V 

When 

Due. 

X  ^  ^  ^  £ 

Term. 

'S  1  t  ^  | 

^  ^  y 

Date. 

^  1  ^  \\v  ^ 
v  1  '  ' 

Drawee  or  Maker. 

1 

*  y  8  ^  1 

^  ^  ^  ^  ^ 

y  1  * 

. .  *S 4 <*>• 3  . 1 

Drawer  or  Endorser. 

y 

jYdfl  i 

4 

3\«  K-  5?  &• 

sf  ^  ^  X  fc 

Eor  what  Rec’d. 

$ 

>•  i 

i  1  '  ' 

When 

Rec’d. 

v  'y*  'y.  ^  ^ 

K\  v  - 

x  >|  ^  ^  ^ 

d 

& 

V  ^  ^  ^ 

66 


* 

y 

M  ** 

W  o 

Ti  'd 

fl  ® 

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d  P> 

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* 

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3 

3 

>  a 
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When 

Due. 

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a 

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& 

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Date. 

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V  ^ 

Statement 

SHOWING  THE  CONDITION  OF  BUSINESS  AT  THE  CLOSE  OF  SET  III. 


Dr. 

Cr. 

750 

350 

192 

23 

41 

180 

50 

82 

88 

30 

132 

24 

37 

55 

216 

50 

182 

40 

75 

.Resources. 


1.  From  Ledger  Accounts. 
Lorenzo  Fairbanks^.. 
James  Johnson. 
Benjamin  Payn. 
Amos  Dean. 

Victor  M.  Bice. . . .  [ . 
James  Sheldon.. . 
William  Shepard. 

John  Belden . 

Chas.  A.  Seeley.. 


A 


2.  From  Cash  Book. — Balance  of  Cash  on  hand, . 

3.  From  Bill  Book. 

S.  S.  Packard’s  Note,  due  Sept.  13 . $1000  00 

'  ‘  “  5 .  108  20 

Oct.  13 . 113  00 

Jan.  25 .  339  00 


aras  i\oce 
der’s,  | 
Sill’s,  ] 
>r^an’s.  * 


E.  H.  Bender’s, 
Calvin  S.  Sill’ 

Jas.  R.  Morgan’s, 

4.  From  Inventory. 

Merchandise  unsold 
Beal  Estate . 


.  Liabilities. . 


From  Bill  Book.— Note  favor  Clafflin,  Mellen  &  Co. 
Present  Worth . 


Balance. 


400 

192 

23 

130 

52 

132 

37 

216 

107 

5881 


1620 


3000 

5000 


16794 

575 


16219 


41 

88 

24 

55 

50 

40 

94 


20 


12 


12 


To  ascertain  the  net  loss  of  the  concern,  and  the  present  worth 
of  each  partner,  we  have  the  following  facts  : 


H.  B.  Bryant  invested . $9075 

“  drew  out .  75 

Net  Investment, . . 

H.  D.  Stratton  invested . $8000 

“  drew  out . 75 

Net  Investment . 

Total  Net  Investment . 

Deduct  Present  Worth.. . 

Leaves  Net  Loss . . 

H.  B.  Bryant’s  Net  Investment. . . . . $9000 

Less  \  Net  Loss .  352  94 

Leaves  Present  Worth . 

H.  D.  Stratton’s  Net  Investment . $7925 

Less  £  Net  Loss. . .  352  94 

Leaves  Present  Worth . 

Total  Present  Worth . .*. . . 

67 


$9000 


1925 
$16925 
16219  12 
$105  88 


8641  06 


1512  06 
$16219  12 


EXAMPLES-  FOR  PRACTICE. 

From  the  foregoing  statement  we  deduce  tfae  following 

RULES. 

1.  To  ascertain  the  net  loss  during  business ,  subtract  the  net 

capital  at  closing  from  the  net  capital  at  commencing. 

2.  To  ascertain  the  net  capital  of  each  partner  at  closing,  sub¬ 

tract  his  net  loss  from ,  or  add  his  m  gain  to  his  net 

INVESTMENT. 


EXAMPLES  FOR  PRACTICE. 


Example  I. — A.  commenced  business  with  a  cash  capital  of 
$8750.  At  the  close  of  the  year  his  resources  and  liabilities  were 
as  follows:  Cash  on  hand,  $3700  ;  Notes  on  hand,  $7000;  Mer¬ 
chandise  unsold,  $2500  ;  Amounts  owing  on  Personal  Accounts, 
$2000 ; — He  owes  on  notes,  $5000  ;  To  various  persons,  $2500. 
What  has  been  his  loss  ?  What  is  his  net  capital  at  closing  ? 

Example  II. — E.  and  F.  enter  into  copartnership  on  equal  terms, 
each  investing  at  commencement,  $10,000;  and  each  withdrawing 
during  the  business,  $1500.  At  the  close  of  a  certain  period  the 
following  exhibit  shows  the  true  condition  of  their  affairs :  Cash  on 
hand,  $500;  Balance  in  Bank,  $7000;  Due  them  on  Personal  Ac¬ 
counts,  $5783  75,  of  which  $875  is  worthless;  Due  them  on  Notes, 
$6750;  Merchandise  on  hand,  $27001;  Real  Estate,  $5000;  Bank 
Stock,  $3500  ;  They  owe  to  persons  on  account,  $10,000 ;  On 
Notes,  $5600.  Have  they  gained  or  lost  in  business ,  and  how 
much  ?  What  is  each  partner's  net  capital  at  closing  ? 

Example  III. — A.  B.  and  C.  are  partners.  A.  puts  into  the  con¬ 
cern,  $7500  ;  B.,  $5300  ;  C.,  $4700.  At  the  close  of  the  year  their 
books  exhibit  the  following  results:  John  Smith,  Dr.  $1700,  Cr. 
$500;  John  Parker,  Dr.  $1100,  Cr.  $975  ;  Abram  Schenck,  Dr. 
$1750,  Cr.  $2700  ;  Albert  Dodge,  Dr.,  $1859  38,  Cr.  $212  50  ;  Cash 
received,  $125,368  29  ;  Paid  out,  $122,480  23  ;  Notes  received, 
$1900  ;  Notes  disposed  of,  $1200  ;  Merchandise  unsold,  $2700  ; 
Value  of  Store  and  Fixtures,  $15,750;  A.  has  drawn  out  $2000; 
B.,  $1500;  C.,  $785  ;  They  have  issued  Notes  to  the  amount  of 
$30,000,  of  which  they  have  redeemed  $25,800.  Required  a  written 
statement  which  shall  exhibit  all  these  facts,  as  also,  the  amount  of 
gain  or  loss  during  the  business,  and  each  partner's  net  capital  at 
closing.  . 


68 


EXERCI/SES  FOR  THE  LEARNER. 


EXERCISES  FOR  THE  LEARNER. 

third  series. 

)  t  ,  t 

l  Memoranda. 

July  1-  S.  S^Pd  dcard  and  John  R.  Pen n  commence  business 
with  the  following  'resources  and  liabilities;  gains  and  losses  to  be  ' 
divided  equally.  S.  S.  Packard  invests  Cash,  $4000 ;  Merchandise , 
$1750;  Notes,  as  follows:  one  for  $500,  in  favor  of  S.  S.  P.,  signed 
by  H.  B.  Bryant,  and  endorsed  by  W.  P.  Spencer,  dated  June  1, 
©  60  ds. ;  and  one  for  $700,  an  accepted  draft*  drawn  by  L.  S. 
Bliss  on  George  Claghorn,  May  1,  at  90  ds.  sight,  and  accepted 
May  3  ;  Personal  Accounts,  as  follows :  Henry  Fish,  $500 ;  Robert 
Fulton,  $750;  Da\jid  Coleman,  $900.  John  R.  Penn  invests,  Cash , 
$500 ;  Peal  Estatl,  $5000. — 2.  Sold  1ST.  Frederick,  on  %,  2  Doz. 
Gent’s  Silk  Handkerchiefs,  24,  ©  40$ ;  6  Pcs.  Amoskeag  Sheeting, 
130  Yds.,  ©  10$ ;  4  do.  Mixed  Cassimeres,  100  Yds.,  ©  50$. — Rec’d 
Cash  of  Henry  Fish,  in  full  of  %,  $500. — Paid  Cash  for  Stationery 
and  Printing,  $30. — 3.  Sold  Ira  Packard  on  his  acceptance,  at  10 
days,  1  Case  Child’s  Metallic  Tip  Shoes,  60  Prs.,  ©  50$;  2  do. 
Child’s  Heel  Gaiters,  96  Prs.,  ©  63$;  3  Pcs.  English  Tweed,  27 
Yds.,  ©  $1.-4.  Sold  ffm.  T.  Bush,  on  %,  4  Cases  Men’s  Congress 
Gaiters,  96  Prs.,  ©  $1  50 ;  2  do.  Gent’s  Canada  Ties,  24  Prs.,  © 
$1  75. — Sold  James  Magoon,  for  Cash,  1  Piece  Striped  Velvet,  10 
Yds.,  ©  $5 ;  6  do.  Paper  Cambrics,  72  Yds.,  ©8$;  10  do.  Lynn  . 
Cottons,  300  Yds.,  at  11$. — 5.  Paid  Cash  for  petty  Expenses,  $3  75. 
— Sold  Robert  Smith,  on  his  note  at  60  days,  3  Pcs.  Lancaster 
Gingham,  125  Yds.,  ©  10$ ;  6  do.  Scotch  Plaid,  240  Yds.,  ©  13$. — 
Bought  of  Star,  Barnum  &  Seeley,  Invoice  of  Merchandise,  amount¬ 
ing  to  $5000;  Paid  Cash,  $2500  ;  Note,  at  6  months,  $2500. — 6. 
Rec’d  Cash  on  %  of  David  Coleman,  $500. — Sold  Roger  Williams, 
for  Cash,  1  Case  Misses  Cork  Sole  Shoes,  60  Prs.,  ©  75$;  1  do. 
Gent’s  Paris  Gaiters,  24  Prs.,  ©  $1  75. — Rec’d  Cash  for  petty  Sales, 
$25  50. — 7.  Sold  John  Fitch,  on  %,  3  Doz.  Elastic  Hoop  Skirts,  36, 
©  $2  50;  1  Doz.  “  Empress”  do.,  12,  ©  $2  ;  3  Pcs.  Check  Mar¬ 
seilles,  30  l?ds.,  ©  50$. — Sold  Samuel  Nash,  for  Cash,  3  Pcs.  English 
Tweed,  27  Yds.,  ©  $1 ;  6  do.  Corduroy,  250  Yds.,  ©  75$. — Rec’d 
Cash  of  Wm.  T.  Bush,  on  %,  $50. — 9.  Paid  John  R.  Penn,  Cash 
on  private  %,  $100. — Paid  Cash  for  petty  Expenses,  $7  50. — 10. 

69 


\ 

\ 


EXERCISES  FOR  THE  LEARNER. 

' 

Sold  John  Anderson,  for  Cash,  3  Cases  Ladies’  Extra  Balmoral 
Boots,  144  Prs.,  ©  $2 ;  2  Cases  Ladies’  “  Opera”  Gaiters,  48,  @ 
$1  75. — 12.  Paid  S.  S.  Packard,  Cash  on  private  %,  $75. — Sold 
Thomas  Hunter,  on  %,  6  Pcs.  Merrimack  Prints,  210  Yds.,  @  9£; 
5  do.  “Union”  Prints,  150  Yds.,  @  8^ ;  7  do.  Lancaster  Prints,  244 
Yds.,  ©  8^;  4  do.  Orange  Prints,  120  Yds.,  (&  8^. — Rec’d  Cash 
for  petty  Sales,  $10  38. — 13.  Rec’d  Cash  of  David  Coleman,  in  full 
*of  %,  $400. — Sold  John  Howard,  on  %,  3  Pcs.  Lancaster  Gingham, 
125  Yds.,  ©  10*;  2  do.  French  Merino,  40  Yds.,  ©  50$  ;  5  do.  Bar. 
Muslin,  90  Yds.,  ©  14*. — 14.  Sold  Robert  Coons,  for  Cash,  6  Pcs. 
Fancy  Linens,  36  Yds.,  ©  $2  ;  5  do.  English  Prints,  200  Yds.,  © 
20*;  6  do.  Parametta  (Maroon),  300  Yds.,  ©  75*. — Paid  Cash  for 
Repairing  Store,  $75. — 16.  Rec’d  Cash  of  John  Fitch,  in  full  of  %, 
$129. — Sold  Henry  Fish,  on  %,  5  Pcs.  Amoskeag  Stripes,  120  Yds., 
©  12^*;  4  do.  Pepperell  Sheeting,  160  Yds.,  ©AlO*;  4  do.  Auburn 
Sheeting,  120  Yds.,  ©  15*. — 17.  Rec’d  Cash  injfull  of  Robert  Ful¬ 
ton’s  %,  $750. — Sold  Simon 'Walker,  on  his  note  at  60  days,  4  Cases 
Men’s  Thick  Boots,  48  Prs.,  ©  $1  25  ;  2  do.  Double-Soled  Boots, 
24  Prs.,  ©  $1  50. — 20.  Sold  Geo.  F.  Smith,  for  Cash,  2  Cases 
Women’s  Walking  Shoes,  120  Prs.,  ©  50*;  2  do.  Jenny  Lind 
Gaiters,  24  Prs.,  ©  $1  15  ;  2  do.  “  Opera”  Gaiters,  24  Prs.,  ©  $1  75. 
— Paid  Clerk  hire  in  Cash,  $65. — 21.  Rec’d  Cash  of  Henry  Fish,  in 
full  of  %,  $49. 


STATEMENT 

OF  RESOURCES  AND  LIABILITIES,  July  21. 


The  student  should  be  required  to  make  his  books  conform  to  the 
following  statement,  and  to  render  the  same,  according  to  the  Ex¬ 
ample  given  in  connection  with  Set  III. 


"RosnnrcGs. 

T  ,iabiliti«s 

Personal  Accounts . 

$315 

54 

Notes,  payable . 

$2500 

Notes,  receivable . 

1457 

18 

S.  S.  P.’s  Net  Investment 

9025 

Cash .  ... 

5286 

49 

J.  R.  P.’s . 

5400 

Merchandise  (per  Inv.). . . 

4500 

Real  Estate . 

5000 

0 

Net  Loss . 

365 

79 

• 

$16925 

00 

.$16925 

00 

70 


; 

* 


I 


/SET  IV. 


FURNITURE!  AND  CABINET  BUSINESS. 


(TWO  PARTNERS,  ADMITTING  A  THIRD.) 


DAY  BOOK,  SALES  BOOK,  LEDGER,  CASH 
BOOK,  AND  TIME  BOOK. 

WITH  AN  IMPROVED  METHOD  OF  USING  THE  SALES  BOOK  AS  A  PRINCIPAL  BOOK,  AND 
EMBRACING  VALUABLE  INSTRUCTIONS  PERTAINING  TO  A  CHANGE  IN  BUSINESS. 


5>vv»’vwe?>s.  Y‘vos.\vevovv% 


REMARKS. 


f 

It  is  intended  in  tliis  Set  to  realize,  as  nenrly  as  may  be,  the 
capabilities  of  Single  Entry.  With  this  view  we  have  introduced 
several  new  features,  to  which  we  call  special  attention. 

It  has  been  the  pleasure  of  certain  authors  and  teachers  to  con¬ 
demn  Single  Entry  Book-keeping  as  wholly  inadequate  to  the 
demands  of  business,  and,  therefore,  unworthy  of  consideration ; 
but  while  we  are  behind  no  one  in  our  admiration  of  the  superior 
facilities  and  safeguards  of  Double  Entry,  we  ^ire  not  at  all  pre¬ 
pared  to  conclude  that  a  very  extensive  business  may  not  be  con¬ 
ducted  with  })erfect  safety,  having  no  better  record  than  that 
afforded  by  an  intelligent  and  faithful  application  of  the  principles 
of  Single  Entry  Book-keeping.  This  fact,  together  with  another  of 
equal  force,  viz.,  that  in  many  of  the  first-class  houses  in  our  large 
commercial  cities,  Single  Entry  is  preferred,  affords  sufficient  cause 
for  attempting  to  present  its  strongest  points  to  the  public. 

The  materials  from  which  the  transactions  in  this  Set  are  con¬ 
structed,  were  obtained  from  an  extensive  cabinet  warehouse  in 
New  York,  and  the  routine  has  the  merit,  at  least,  of  being  busi¬ 
ness-like.  The  forms  of  the  books,  and  arrangement  of  the  various 
records,  are  submitted  as  the  most  simple  and  practical  in  use. 

One  important  feature  in  this  Set  is  the  use  of  the  Sales  Book 
distinct  from  the  Day  Book.  In  Set  III,  although  a  Sales  Book  is 
used,  all  sales  on  credit  are  first  transferred  to  the  Day  Book,  and 
from  thence  posted  into  the  Ledger.  Here,  however,  the  credit 
sales  are  posted  to  the  personal  accounts  directly  from  the  Sales 
Booh.  This  affords  a  great  saving  of  time,  and  is,  in  all  respects, 
quite  as  satisfactory.  The  figures  in  the  margin  of  the  Sales  Book 
refer  to  the  Ledger  page  to  which  the  amounts  are  posted ;  the 
initials  “  C.  B.”  and  “  B.  B.”  indicate  that  the  result  of  the  sales 
thus  marked,  are  shown  in  the  Cash  Book  and  Bill  Book.  The 
former  of  these  is  exhibited  at  length ;  the  latter  has  been  omitted, 
although  it  is  expected  that  the  learner  will  supply  it,  after  the 
form  given  in  Set  III. 


72 


The  taking  in  of  a  nfi3w  partner  forms  another  important  feature 
of  this  Set,  and  one  wlnich  will  afford  the  learner  some  of  the  most 
valuable  hints  connected  with  Accounts.  It  is  a  settled  principle  in 
Accounts,  or  should  b-e,  that  whenever  any  change  in  the  business 
occurs,  the  existing  resources  and  liabilities  of  the  concern  should 
be  made  apparent;  /and,  consequently,  the  proprietors’  accounts 
should  represent  thenr  net  investment  at  the  time  of  the  change . 
The  same  rule  holds  gpod  respecting  the  landmarks  of  business,  or 
the  financial  eras,  such'  as  the  close  of  a  fiscal  year,  or  any  import¬ 
ant  event  which  makes  Y\t  necessary  to  exhibit  on  the  main  books 
the  exact  condition  of  the  business. 

In  the  case  under  consideration,  the  existing  partners,  “  Lester 
and  Brown,”  propose  to  admit  a  new  partner,  who  shall  invest 
equally  with  them,  and  share  equally  in  the  gains  and  losses.  The 
partners’  accounts  ncjnv  show  only  their  original  investment ;  and 
it  will  be  evident  thafc,  if  the  new  partner  invests  an  amount  just 
equal  to  this,  he  will  unjustly  become  a  joint-partner  in  the  gains 
which  have  already  accrued,  but* which  remain  unacknowledged  in 
the  business.  The  original  partners,  it  is  plain,  are  entitled  to  all 
the  avails  of  the  concern  previous  to  admitting  the  new  partner, 
and  if  their  own  proper  accounts  do  not  show  what  this  net  amount 
is^  they  should  be  made  to.  Therefore,  before  deciding  how  much 
the  new  partner  should  invest  to  place  him  on  an  equal  footing 
with  his  associates,  it  becomes  necessary  to  credit  the  original  part¬ 
ners  with  their  respective  gains  during  business.  With  this  view 
the  statement  on  the  third  page  of  the  Day  Book  is  made,  and  the 
partners  thereafter  credited,  each  with  his  net  gain.  The  partners’ 
accounts  in  the  Ledger  are  then  closed  up,  and  the  balances  brought 
down  as  a  new  capital,  which  is,  of  course,  the  amount  that  the 
new  partner  must  invest. 

The  general  Statement  which  follows  this  Set  affords,  perhaps,  as 
convenient  a  form  for  such  statements  as  any  in  use.  The  student 
cannot  too  carefully  study  the  philosophy  of  these,  nor  be  too  par¬ 
ticular  in  drawing  them  up,  as  to  their  neatness  and  perspicuity. 
An  obscure  or  insufficient  statement  of  a  business,  however  pros¬ 
perous  and  satisfactory  may  be  the  condition  which  it  aims  to  show, 
is  like  a  good  story  so  bunglingly  told  that  its  chief  points  are  ob¬ 
scured,  and  its  moral  entirely  lost  sight  of. 

For  simplicity,  directness,  and  efficiency,  the  forms  and  general 
plan  of  Set  IV  are  submitted  as  a  model. 


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